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Naira Declines Against Dollar | Citizen NewsNG

ByCitizen NewsNG

Mar 29, 2024

 

The Naira experienced a slight decline in value against the US Dollar in the official market, trading at N1,309.39 to a dollar on Thursday.

According to data from the official trading platform of the FMDQ, the Naira depreciated by N8.96 or 0.69 percent compared to the previous day’s rate of N1,300.43 against the dollar.

Recall that on March 27, the Central Bank of Nigeria raised the new interests rates from 22.75 per cent as announced by the Monetary Policy Committee (MPC) in February to 24.75 per cent, raising them by 200 basis points.

This has send a shockwaves among forex marketers amid rising inflation.

However, despite the decline in value, the total turnover increased to $857.78 million on Thursday, a significant rise from the $416.10 million recorded on Wednesday.

Meanwhile, at the Investor’s and Exporters’ window, the Naira traded within the range of N1,392 and N1,250 against the dollar.

Additionally, VONa reprted on March 26, that monetary policy committee’s focus on addressing current inflationary pressures and anchoring inflation expectations, as well as ensuring sustained exchange rate stability.

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