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Naira Returns to Depreciation Against Dollar, Losses N73 in Single Day

Posted by Thandiubani on Fri 17th May, 2024 - tori.ng

FMDQ data showed the Naira dropped to N1533.99 per dollar on Thursday from N1459.02 on Wednesday.

 
The Naira has lost N73 in a single day as it depreciated against the dollar in the foreign exchange market.
 
This is according to date released by FMDQ.
 
The data showed the Naira dropped to N1533.99 per dollar on Thursday from N1459.02 on Wednesday.
 
This represents an N73.98 loss against the dollar on Thursday compared to trading on N1459.02.
 
Similarly, the Naira depreciated to N1555 per Dollar in the parallel market section from N1515 on Wednesday.
 
To address the country’s forex crisis, the Central Bank of Nigeria granted 14 new International Money Transfer Operators, IMTOs Approval-in-Principle (AIP), to double foreign-currency remittance inflows through formal channels.
 
Recall that Bureau De Change operators had blamed the FX shortage for the Naira depreciation.
 


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