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Nigeria’s currency ‘Naira’ depreciates against Dollar at forex market

Nigeria’s currency, the Naira, depreciated against the US Dollar on Monday at the foreign exchange market...READ THE FULL STORY HERE▶

Official data from FMDQ disclosed that the Naira depreciated marginally to N814.60/$1 on Monday from N794.89/$1 at the close of work on Friday.

This represents N19.17 depreciation or a 2.48 per cent increase at the official forex market compared to the 793.50 it closed on Friday.

Similarly, at the Parallel Market, Naira maintained stability, exchanging at N1,115/$1 on Monday, the same figure as on Friday.

Meanwhile, Central Bank of Nigeria (CBN), Governor, Dr Olayemi Cardoso, speaking at the Chartered Institute of Bankers of Nigeria (CIBN) 50th-anniversary event on Friday, noted that the fluctuating exchange rate was hampering business growth and promised to be transparent and fair to all as the bank performs its function.

“The removal of petrol subsidy and the adoption of a floating exchange rate and other government policies are anticipated to affect the economy in the medium term positively.

“I’m confident and optimistic that by taking appropriate corrective actions and strategic steps, we can restore macroeconomic stability and address fundamental flaws,” he stated.

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

Nigeria’s FX market has continued to experience a crisis since CBN introduced reforms in June this year.

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Kylian Walterlin

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