Naira depreciates against US dollar in foreign exchange market

Naira depreciates against US dollar in foreign exchange market

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Nigeria’s foreign money, the naira, fell once more against the US dollar in the foreign exchange market on Tuesday.

According to official FMDQ knowledge, the naira on Tuesday fell to 881.88 naira to the dollar from Monday’s 814.60 naira.

This corresponds to a decline of 67.28 Naira on the official foreign exchange market in comparison with 793.50 Naira that closed on Friday.

Therefore, that is the second time this week that the naira has fallen against the dollar on the official market.

Similarly, the Naira depreciated in the parallel market, buying and selling from N1,115/$1 on Monday to N1,145/$1 on Tuesday.

This is a N30 depreciation from the determine exchanged yesterday.

Meanwhile, the Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, talking final week on the fiftieth anniversary commemoration occasion of the Institute of Bankers of Nigeria (CIBN), famous that exchange fee fluctuations have been hampering enterprise development and stated: As promised. Banks ought to be clear and honest to all in finishing up their features.

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

Recall that Mr. Cardoso did not convene a Monetary Policy Committee assembly for the second time since taking on as CBN governor in September.

Nigeria’s foreign exchange market has been hit by a disaster because the CBN launched reforms in June this yr.

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Source: dailypost.ng

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