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Naira Crashes Against Dollar | Citizen NewsNG

ByCitizen NewsNG

Nov 29, 2023

 

 

Nigeria’s currency, the Naira, depreciated against the US Dollar again on Tuesday at the foreign exchange market.

Official data from FMDQ disclosed that the Naira depreciated to N881.88/$1 on Tuesday from N814.60/$1 it exchanged on Monday.

This represents a N67.28 depreciation at the official forex market compared to the N793.50 it closed on Friday.

Accordingly, the drop is the second time the Naira slumped against the Dollar at the official market this week.

Similarly, at the parallel market, Naira depreciated, exchanging at N1145/$1 on Tuesday from N1,115/$1 on Monday.

This is a N30 depreciation from the figure it exchanged the previous day.

Meanwhile, Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, speaking at the Chartered Institute of Bankers of Nigeria (CIBN) 50th-anniversary event last week, 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.

“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 had failed to hold a Monetary Policy Committee meeting for the second time since his emergence as the CBN governor in September.

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

By Ogaga Ariemu

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