The Naira experienced a significant drop in value against the Dollar

The Naira experienced a significant drop in value against the Dollar in the foreign exchange market after trading resumed following Nigeria’s 64th Independence Day holiday.

According to FMDQ data, the Naira fell to N1669.19 per dollar on Wednesday, down from N1541.94 on Monday.

This decline represents a loss of N127.25 against the dollar compared to the N1541.94 rate on Monday.

In the parallel market, however, the Naira appreciated by N10, closing at N1690 per dollar on Wednesday, compared to N1700 on Monday.

The Naira had only slightly depreciated against the dollar on Monday.

For several months, the Naira has been experiencing fluctuations against the dollar and other foreign currencies.

During his Independence Day address, President Bola Ahmed Tinubu urged Nigerians to be patient with his economic policies.

On June 14 of last year, the Central Bank of Nigeria floated the Naira in the foreign exchange market, leading to a decrease in the value of the country’s currency.