On Wednesday, the official Investor and Exporter forex window saw a 17.91% decline in the naira, reaching N951.22/$.

The dollar supply dropped by 4.94% to $135.58 million from $142.63 million, leading to a Naira loss of N144.49 against the dollar, closing at N806.73/$ on Tuesday, as per data from FMDQ Securities Exchange.

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The Naira opened at N828.33/$, reached a high of N1159.10/$, a low of N701.00/$, and closed at N951.22/$.

The Economist Intelligence Unit predicts ongoing pressure on the Naira due to an unsupportive monetary policy, insufficient central bank firepower, high inflation, and instability in the exchange rate regime with periodic devaluations.

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By Chinedu

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