The naira has suffered a significant depreciation on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, falling to N1, 561.98 to a dollar.
According to data from the FMDQ Securities Exchange, the naira depreciated by two per cent from N1, 532.58 to a dollar earlier recorded.
This was the third consecutive deprecation amid stronger external reserves and rising foreign exchange turnover. It was the lowest level since March 18, 2024, when it was N1,597.25 to a dollar, as the naira nears N1,600 less than three weeks after it crossed the N1,500 ceiling.
