Naira depreciates against dollar in foreign exchange market

Nigeria’s currency, the naira, depreciated to 956.33 naira against the US dollar in the foreign exchange market on Thursday.

According to official FMDQ data, the naira depreciated by 111.8 naira on Thursday compared to Wednesday’s exchange rate ($1 = 830.97 naira).

This is the third time the country’s currency has fallen on the official foreign exchange market since last week.

Similarly, in the parallel market, the naira traded at 1,170/$ on Thursday from 1,135/$ on Wednesday.

The move came despite the country’s foreign exchange trading volume increasing by 61.86 percent to $198.21 million on Tuesday.

Meanwhile, the Chairman of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, will on Friday announce the economic outlook and direction of the top bank’s monetary policy committee at the 50th anniversary event of the Institute of Bankers of Nigeria (CIBN).

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.

Source: dailypost.ng