Naira Plunges to Three-Month Low Amid High Reserves as Urge for Dollar Usage Increases [Video]

• On the black market, the naira fell to a three-month low of N1,530 per dollar on Monday as end consumers’ demand for the currency grew
• This represents a 0.65 percent or N10 loss compared to the N1,520 that was quoted on the illicit market on Friday
• Meanwhile, findings has shown that Nigeria’s foreign exchange reserve has reached a new high of $34.7 billion

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

On Monday, the naira plunged to a three-month low of N1,530 per dollar on the black market as end users’ desire for the dollar increased.

In comparison to the N1,520 that was quoted on the black market on Friday, this indicates a 0.65 percent (N10) loss.

BusinessDay gathered that On March 19, 2024, the local currencywas valued at …