Naira Depreciates Against Dollar For Second Time In 1 Week

Posted by Samuel on Thu 23rd Nov, 2023 - tori.ng

The figure represents a N9.56 depreciation compared to the exchange rate at the close of work on Tuesday.

 

The naira, Nigeria’s currency, depreciated against the US dollar on Wednesday at the foreign exchange market.

Official data from FMDQ showed that the country’s currency depreciated to N840.53 against the dollar at the close of work on Wednesday compared to N830.97 the previous day.

The figure represents a N9.56 depreciation compared to the exchange rate at the close of work on Tuesday.

This is the second time the country’s currency has depreciated on the official FX market since last week.

Similarly, at the Parallel Market, Naira exchanged at N1,150/$1 on Wednesday from N1,130/$1 on Tuesday.

Meanwhile, the country’s forex turnover increased by 61.86 per cent to $198.21 million.

The development comes as the governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, failed to hold a Monetary Policy Committee meeting for the second time in two months.

Recall that the naira has fluctuated in the FX market since CBN introduced reforms in June this year.

Popular Stories
Profile of Flora Shaw, The Woman Who Coined The Name 'Nigeria'
Meet the Handsome Abuja Guy Who Has Won Affection From Nigerian Ladies (Photos)
See the 11 Outstanding Black Women in Forbes' '100 Most Powerful Women 2015'
Important Things You Must Know About Headaches, Hypertension And Stroke
Meet The Man With The Largest Mouth In The World (Photos + Video)


Copyright © 2022 Tori.ng - All rights reserved
Tori.ng is owned and managed by Cyclofoss Technologies Ltd.