The value of Nigeria’s naira has declined, with the currency weakening to N1,234/$ at the official foreign exchange market on Monday, April 22, following a record increase versus the US dollar.
Based on information gathered from the FMDQ stock exchange, this is the case.
According to the currency rate, the naira decreased from N1,169.99/$1 on Friday, April 19, by N65, or 5.26 percent.
On Wednesday, the local currency appreciated to about N1,072.74, as traders predicted that the naira will fall below N1,000/$1 for the first time in several months.
