Naira Tumbles Again Against US Dollar at Forex Market

 

The Naira has continued to lose value against the US dollar at the foreign exchange market.

 

According to DailyPost, Data from FMDQ showed that the Naira depreciated to N925.34 on Monday from N902.45 per US Dollar on Friday.

 

It recorded a slight 2.54 per cent depreciation to close at N925.34 compared to the N902.45 per US Dollar it closed on Friday.

 

Similarly, the Naira depreciated at the parallel forex market, with the exchange rate quoted at N1,360 per Dollar, representing a 0.74 depreciation.

 

Reacting to the freefall of the Naira, the Association of Bureau De Change Operators of Nigeria blamed dollar hoarders.

 

Meanwhile, the Central Bank of Nigeria governor, Olayemi Cardoso, will hold his first Monetary Policy Committee meeting since resuming office on February 26 and February 27, 2024.