Naira experiences a decline against the US dollar in the foreign exchange market
On Wednesday, the Naira showed a depreciation against the US dollar in the foreign exchange market, according to data from FMDQ. The Naira weakened to N882.24 per dollar from N878.61 on Tuesday, reflecting a loss of N3.63 or a 0.41% decrease, closing at N882.24 in the local currency compared to the previous N878.61 per US Dollar on Tuesday.
Similarly, the Naira experienced depreciation at the parallel forex market, quoting an exchange rate of N1,365 per Dollar, reflecting a 0.37% decrease on Tuesday. This decline occurred concurrently with a 3.18% drop in forex turnover to $56.60 million on Wednesday.
The reversal followed a recent gain in the foreign exchange market, which came after the Naira faced declines against the US dollar last Friday and Monday. In addressing the Nigeria Economic Group outlook for 2024 on Wednesday, the Central Bank of Nigeria governor, Olayemi Cardoso, affirmed the apex bank's commitment to achieving real price discovery in the foreign exchange market.
Leave A Comment