The exchange rate between the naira and the dollar fell to N1,484.75 on Thursday, May 30, 2024, marking the second consecutive day of decline.
Earlier in the week, the naira had shown unexpected strength, appreciating to N1,173.88 on Tuesday, its best performance in over two months. This surprising gain was first indicated on Monday, when the naira closed at N1,339.33 against the US dollar, sparking hopes of a sustained recovery ahead of the May 29th celebration.
However, the local currency’s rally was short-lived. By Thursday, the naira had slipped back above the N1,400 mark, closing at N1,484.75 as the gains of the earlier days dissipated.
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