The Naira plunged significantly against the Dollar in both official and parallel foreign exchange markets on Thursday, just 24 hours after the presidency heralded a new high.
FMDQ data revealed that the Naira weakened to N1,649.76 per dollar on Thursday, down from N1,558.75 the day before.
This marks a decline of 91.01 naira compared to Wednesday’s exchange rate.
Further analysis indicated that while the Naira gained N81 on Wednesday, it fell by 91.01 naira on Thursday.
In the black market, the Naira also depreciated by N5, exchanging at N1,655 per dollar, down from N1,650.
This sharp decline follows a statement from Bayo Onanuga, a media aide to President Bola Ahmed Tinubu, who celebrated the N1,558 per dollar mark just a day prior.
“The currency closed at 1,558 naira per dollar, its highest level against the greenback since August 21,” he tweeted on Wednesday.
He attributed the gain on Wednesday to the government’s successful $900 million domestic sale of dollar-denominated bonds.
