The Naira has continued its decline against the US dollar, marking a ninth consecutive day of weakening. This trend has solidified its position as the poorest-performing currency in the first half of the year.
The naira’s depreciation has been exacerbated by a significant devaluation, ongoing challenges with insufficient availability of US dollars, and persistent market volatility.
Efforts to stabilize the currency and mitigate its decline have faced considerable obstacles in the face of these economic pressures.
According to data compiled by Bloomberg from FMDQ, the Nigerian naira depreciated by 0.2% to 1,510 per US dollar by the close of trading on Thursday.
The depreciation marks the currency’s longest losing streak since July 2017. Since the beginning of the year, the naira has declined by 40% against the dollar, reflecting a significant and sustained depreciation trend.
