On Tuesday, the foreign exchange market saw another decline in the value of the Naira, the currency of Nigeria, relative to the US dollar.
The Naira fell to N881.88/$1 on Tuesday from N814.60/$1 on Monday, according to official statistics from FMDQ.
Comparing this to the N793.50 it ended on Friday, the official FX market has depreciated by N67.28.
As a result, this is the second time this week that the Naira has fallen versus the Dollar on the official market.
In a same vein, the Naira lost value in the parallel market, trading at N1145/$1 on Tuesday after falling to N1,115/$1 on Monday.
This is a N30 devaluation from the amount it traded for the day before.
Speaking at the Chartered Institute of Bankers of Nigeria (CIBN) 50th anniversary event last week, Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, stated that the fluctuating exchange rate was impeding the growth of businesses and pledged to be open and equitable to all as the bank carries out its duties.
He said, “I’m confident and optimistic that we can address fundamental flaws and restore macroeconomic stability by taking appropriate corrective actions and strategic steps.”
Remember that since taking over as CBN governor in September, Cardoso has missed two meetings of the Monetary Policy Committee.
Since the CBN implemented changes in June of this year, Nigeria’s foreign exchange market has been in a state of turmoil.
