The naira has recorded its sharpest daily loss since April, closing at N1,389 per dollar as a strengthening US dollar piles fresh pressure on Nigeria’s currency.
The naira recorded its sharpest daily loss since April after closing at N1,389 per dollar in the official foreign exchange market on June 24, highlighting renewed pressure on Nigeria’s currency.
Data from the Central Bank of Nigeria showed the naira weakened by N16 from N1,373/$ a day earlier — a 1.2 per cent depreciation and its weakest close since April 7. The naira traded between N1,368 and N1,392 per dollar during the session, NAIRAMETRICS reports.
The decline came as the US dollar strengthened broadly, with the dollar index hitting a 13-month high on expectations that US interest rates could stay elevated longer. Financial economist, Muftau Yusuf, said emerging-market currencies often weaken when investors chase higher dollar-denominated yields.
Despite this, Nigeria’s external reserves recently topped $51 billion, their highest since 2009, after adding over $1 billion in early June.
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