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Naira depreciates against US Dollar at forex market

The Country’s currency, Naira, depreciated against the US Dollar on Wednesday at the official foreign exchange market.

Official data from FMDQ disclosed that the Naira depreciated to N951.22/$1 on Wednesday from N806.73/$1 on Tuesday.

This represents a 7.91 per cent or 144.49 loss in the local currency market compared to the N806.73/$1 it closed on Tuesday.

The depreciation represents the first time the country’s currency dropped against the US Dollar this week.

The development comes as the dollar supply fell by 4.94 per cent to $135.58 million from $142.63 million.

Similarly, the Naira depreciated marginally at the parallel market, exchanging at N1175/$1 on Wednesday from N1170/$1 the previous day.

Governor of the Central Bank of Nigeria, CBN, Dr Olayemi Cardoso, speaking at the Chartered Institute of Bankers of Nigeria, CIBN, 50th-anniversary barely two weeks ago, expressed optimism over the stability of Naira.

“I’m confident and optimistic that by taking appropriate corrective actions and strategic steps, we can restore macroeconomic stability and address fundamental flaws,” he stated.

Since June 14, when CBN floated the Naira, the country’s currency has continued to experience fluctuation in the FX market.

This comes as a financial expert, Prof Godwin Oyedokun, blamed Nigeria’s forex crisis on weak economic fundamentals, low foreign reserves, increased external debts and a double forex window.