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Naira Depreciates Against US Dollar At FOREX Market | Citizen NewsNG

ByCitizen NewsNG

Jan 20, 2024

The naira depreciated marginally in the foreign exchange market on Friday.
Data from FMDQ showed that the naira appreciated to N902.45 per US dollar from N902.08 per US dollar on Thursday.

The figure represents a slight 0.04 per cent depreciation in the local currency compared to the N902.08 it closed on Thursday.

Similarly, the naira dropped at the parallel forex market at N1325 per dollar, representing a 0.38 per cent decrease over what it closed the previous day.

Accordingly, forex turnover dropped by 17.36 per cent to $145.89 amid the marginal depreciation of the naira at both official and parallel markets.

The development came barely 24 hours after the country’s currency bounced back against the US dollar at the forex market.

Reacting to the freefall of the naira, the Association of Bureau De Change Operators of Nigeria blamed dollar hoarders.

Meanwhile, Central Bank of Nigeria governor Olayemi Cardoso will hold his first Monetary Policy Committee meeting since resuming office on February 26 and 27, 2024.

 

By Ogaga Ariemu

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