On Monday, April 22, the naira's value depreciated against the United States dollar, reaching N1,234 at the official foreign exchange market. This represented a 5.26% decline from the N1,169.99/$1 rate recorded on Friday, April 19, according to data from the FMDQ Securities Exchange.
Earlier in the week, the local currency had shown signs of strength, trading at around N1,072.74. Traders had even anticipated that the naira could potentially trade below N1,000/$1 for the first time in months. However, the naira's subsequent depreciation dashed these hopes.
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