The country’s currency the Naira depreciated by 4.09 percent against the dollar in the last three weeks from the N1,346.32/$, now exchanges for N1400/$ against the U.S currency.
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the FX rate for the dollar crossed N1,400/$ on Monday, as the naira traded against the American greenback at N1,405.62/$.
The last time the exchange rate hit the N1,400 region was January 27, when the local currency traded at N1,401.2 against the dollar.
At the parallel section of the FX market, the naira depreciated by 0.70 percent to N1,440 per dollar — from N1,430 per dollar on Monday.
The development comes amid ongoing tensions involving the United States (US), Iran, and Israel, which have unsettled several global markets.
As a result, crude oil prices surged to $100 per barrel on Monday — the highest level since July 2022 — before easing to $87 on Tuesday.
Analysts say the movement in global oil prices could impact Nigeria’s FX market.
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