Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary

The Naira recorded its first massive depreciation against the dollar at the foreign exchange market 24 hours after President Bola Ahmed Tinubu’s first anniversary.

FMDQ data showed that the Naira depreciated to N1484.75 against the Dollar on Thursday from N1329.65 on Wednesday.

This represents an N155.1 loss against the dollar compared to N1329.65 traded on Wednesday.

Similarly, at the parallel market section the depreciated to N1490 per dollar on Thursday from N1480 the previous day.

The development comes as the turnover of foreign exchange transactions dropped to $235.41 million on Thursday from $328 million on Tuesday.