Nigeria’s currency, the Naira, experienced a slight depreciation against the US Dollar in the foreign exchange market on Tuesday.
According to data from the official FMDQ market, the Naira closed the day at 809.2 Naira per US Dollar, marking a decrease of 28.3 Naira compared to the previous day’s rate of 780.09 Naira per US Dollar.
In the parallel market, the Naira was traded at rates varying between 1030 and 1100 Naira per US Dollar on the same day. Additionally, on the Binance P2P market, the Naira’s exchange rate stood at 1020 Naira per US Dollar.
Tope Fasua, serving as a Special Adviser on the Economy to President Bola Ahmed Tinubu, issued a cautionary message to currency speculators, suggesting that the Central Bank’s policies and government-led initiatives under President Tinubu’s administration would likely counter their expectations.
At a book launch event held in Abuja on Tuesday, Fasua stated, “For those speculating and hoping that the currency will weaken, I believe that the central bank is implementing policies, and the government, led by the President, will surprise some of them.”
Expressing confidence in the future trajectory of the Naira, Fasua highlighted the belief that, with President Tinubu’s administration implementing strategic policies, the Naira is anticipated to appreciate 600 Naira per US Dollar soon.
