By 
The Naira on Wednesday, February 15, depreciated against the US dollar as the supply of foreign currencies dropped by 56.58 percent to $117.87 million.
Data from FMDQ Security Exchange revealed that the Naira depreciated to N1503.38 to a dollar on the same Wednesday from N1,499.07 it traded a day earlier.
This shows a N3.93 loss or a 0.26 percent decrease.
Similarly, at the Parallel Market, the Naira fell to N1,545 per Dollar on the same Wednesday from N1,517 it traded a day earlier.
The depreciation came after the Naira appreciated marginally against the dollar at the official foreign exchange market on Tuesday, February 13.
The governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso gave an assurance of exchange rate stability when he spoke at an interface with the Senate Joint Committee on Banking, Insurance and Financial Institutions in Abuja on Friday, February 9.
Since the CBN introduced ‘Financial Markets Price Transparency and Market Notice of a Revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms in late January, the country’s exchange rate hovered around N1,400 to over 1,500 per US dollar.
The Nigerian currency in the last months has depreciated following the removal of fuel subsidy and the unification of the exchange rate market by President Bola Tinubu.
It weakened from N464.67 to a dollar in May 2023 to N1,490 at the official market in February 2024 and at the same period, the Naira fell from N763 to a dollar to N1470 to a dollar at the parallel market.
Comments