Naira crashes to further against US dollar at foreign market

Monday saw a record low for the Naira against the US dollar at the foreign exchange market, valued at N1,534.39.

The Naira fell to N1,534.39 per US dollar on Monday from N1,469.97 on Friday, according to data from FMDQ.

This is a depreciation of 4.2%, or N64.42, from the closing price of trading on Tuesday of N1,469.97.

The Central Bank of Nigeria released the “Financial Markets Price Transparency and Market Notice of a Revision to the FMDQ FX Market Rate Pricing Methodology” along with other reforms on Monday, January 29. With this event, the Naira has returned to its trading rate from that day.

Similarly, the Naira gained N1,495 per dollar in the Parallel Market on Monday, up from N1,490 on Friday.

Olayemi Cardoso, the governor of Central Nigeria, promised exchange rate stability on Friday during a meeting with the Senate Joint Committee on Banking, Insurance, and Financial Institutions in Abuja.

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