Naira depreciates against dollar in foreign exchange market

Naira depreciates against dollar in foreign exchange market

Nigeria’s currency, the naira, depreciated against the US dollar in the foreign exchange market on Monday.

According to official FMDQ data, the naira edged down from 794.89 naira to the dollar at the end of Friday to 814.60 naira to the dollar on Monday.

This corresponds to a depreciation of 19.17 naira or a 2.48% increase on the official foreign exchange market compared to Friday’s closing price of 793.50 cents.

Similarly, the naira remained stable in the parallel market, trading at N1,115 to the dollar on Monday, the same as on Friday.

Meanwhile, the Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, speaking on Friday at the 50th anniversary commemoration event of the Institute of Bankers of Nigeria (CIBN), pointed out that fluctuations in exchange rates were hampering business growth and urged transparency. promised to secure it. Banks must be fair to all in carrying out their functions.

“The removal of petrol subsidies, floating exchange rates and the introduction of other government policies are expected to have a positive impact on the economy in the medium term.

“We are confident and optimistic that with appropriate corrective and strategic measures, we can restore macroeconomic stability and address fundamental deficiencies,” he said.

Recall that Cardoso failed to convene a Monetary Policy Committee meeting for the second time in two months.

Nigeria’s foreign exchange market has been hit by a crisis since the CBN introduced reforms in June this year.


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