Naira Slumps Against Dollar At Forex Market

Nigeria’s currency, the Naira, slumped to N956.33 against the US Dollar on Thursday at the foreign exchange market.

Official data from FMDQ disclosed that the Naira depreciated by N111.8 on Thursday compared to the exchange rate on Wednesday, which exchanged for N830.97/$1.

This is the third time the country’s currency has depreciated on the official FX market since last week.

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Similarly, at the Parallel Market, Naira exchanged at N1,170/$1 on Thursday from N1,135/$1 on Wednesday.

The development comes despite the country’s forex turnover increasing by 61.86 per cent to $198.21 million on Tuesday.

Meanwhile, Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, plans to unveil the apex bank economic outlook and Monetary Policy Committee direction on Friday at the Chartered Institute of Bankers of Nigeria (CIBN) 50th-anniversary event.

Recall that Cardoso failed to hold a Monetary Policy Committee meeting for the second time in two months.

Nigeria’s FX market has continued to experience a crisis since CBN introduced reforms in June this year.