The Naira depreciated to a record low of N1,534.39 against the US dollar at the foreign exchange market on Monday.
Data from FMDQ showed that the Naira dropped to N1,534.39
per US dollar on Monday from N1,469.97 on Friday.
This represents a 4.2 per cent or N64.42 depreciation
compared to N1,469.97 recorded at the close of trading on Tuesday.
With the development, the Naira is back to the exchange rate
it traded on Monday, January 29, when the Central Bank of Nigeria introduced
‘Financial Markets Price Transparency and Market Notice of a Revision to the
FMDQ FX Market Rate Pricing Methodology’ and other reforms.
Similarly, at the Parallel Market, Naira increased to N1,495
per Dollar on Monday from N1,490 on Friday.
Meanwhile, the Central of Nigeria governor, Olayemi Cardoso,
assured exchange rate stability when he spoke at an interface with the Senate
Joint Committee on Banking, Insurance and Financial Institutions in Abuja on
Friday.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com