Naira Loses N106.7 In 48 Hours

 

The naira has lost N106.7 in the last 48 hours against the dollar.

 

The loss was suffered at the official foreign exchange market as the naira further weakened against the dollar on Wednesday.

 

FMDQ data showed that the naira dropped to N 1659.69 per dollar on Wednesday from N1658.97 exchanged on Tuesday. This represents N0.72 loss.

 

Recall that on Tuesday the naira dropped significantly by N106.05 against the dollar.

 

Data from the World Bank showed that the naira was among the worst-performing currencies in Africa.

 

The only time it gained this week against the dollar was on Monday.

 

Fluctuations in Nigeria’s FX market have continued untamed despite interventions by the Central Bank of Nigeria, CBN.

 

Meanwhile, Yemi Cardoso, the Governor of CBN, who spoke at the House of Representatives Committee on Banking Regulations said Nigeria has enough in its external reserves, which stood at $39.12 billion.