Naira depreciating again against dollar

The foreign exchange market saw a N81.34 depreciation of the naira against the US dollar in a single day.

The naira fell to N1,154.08 per dollar on Thursday from N1,072.74 on Wednesday, according to FMDQ statistics.

Compared to the N1,072.74 per dollar traded the day before, this indicates a 7.04 percent loss against the dollar.

In a similar vein, on the parallel market, the value of the naira fell from N1, 040 on Wednesday to N1, 100 per dollar on Thursday.

Because of this, the naira is weakening vs the dollar for the second time in three days due to concerns over running out of foreign exchange reserves.

In the meantime, Olayemi Cardoso, the governor of the Central Bank of Nigeria, announced in a statement on Wednesday that the nation’s foreign reserves had recently been boosted by $600 million.

Prior to this, on April 15, Nigeria’s foreign exchange reserves fell to $32.29 billion.

Nonetheless, Cardoso stated that Naira’s rise can be maintained as long as there is liquidity in the nation’s foreign exchange market.

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