Naira depreciates massively against US dollar at foreign exchange market

At the foreign currency market on Thursday, the value of the Naira substantially declined compared to the US dollar.

The Naira dropped from N882.24 per dollar on Wednesday to N900.96 per dollar on Thursday, according to data from FMDQ.

The local currency closing price of N900.96 indicates a 2.12% drop, or N18.72, over the closing price of N882.24 on Wednesday.

In the same vein, the Naira lost value on the parallel foreign currency market, falling to a record low of N1,410 per US dollar, or 0.37 percent less than it was on Wednesday.

The depreciation occurs in spite of a 103.52% increase in FX turnover, which closed Thursday at $115.19 million.

According to ZINGTIE, the Naira declined on Wednesday as well, depreciating N22.35 over the previous two days.

In his speech at the Nigeria Economic Group Perspective for 2024 on Wednesday, Olayemi Cardoso, the governor of the Central Bank of Nigeria, promised that the top bank will strive toward actual price discovery in the foreign exchange market.

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