Naira Depreciates To N1,234/$ At Official Market, Speculators Resume Hoarding

Abuja Nigeria– The naira experienced a notable depreciation against the United States dollar, reaching N1,234 in the official foreign exchange market on Monday.

The latest drop appears to coincide with the remarks of the apex bank Governor, Yemi Cardoso, who stated that the bank’s intent was not to defend the Naira when asked about the sudden drop in external reserves.

At the parallel market, currency traders sold the dollar between the rate of N1,250 and N1,270 from N1,154 recorded last Friday.