Money Market: Naira depreciates 6% against U.S. Dollar
The Naira on Monday slightly depreciated at the official market, trading at N1,234.49 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N64.50.
This represents a 5.51 per cent loss when compared to the previous trading date on Friday, April 19, when it exchanged at N1,169.99 to a dollar.
However, the total daily turnover increased to 110.17 million dollars on Monday, up from 86.68 million dollars recorded on Friday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,295.00 and N1,051.00 against the dollar.
CBN Governor, Yemi Cardoso, on Saturday, April 20, 2024 said the apex bank was doing everything possible to achieve a stable exchange rate.
He said the apex bank was also working to ensure that the exchange rate found its adequate price discovery level.
Cardoso said that CBN’s foreign exchange reforms were paying off and had made the naira the best-performing currency globally.
He spoke at a press conference during the annual meeting of International Monetary Fund (IMF) and World Bank Group.
He predicted ups and downs, but assured the global economic community that the Naira would steadily gain against foreign currencies.
