Naira Depreciates Against Dollar For Second Time In 1 Week

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.