Naira depreciates against Dollar at forex market

Nigeria’s currency, the naira, lost value against the US dollar on Monday at the foreign exchange market.

Official data from FMDQ showed that the naira fell slightly to N814.60/$1 on Monday from N794.89/$1 at the end of work on Friday.

This means N19.17 depreciation, or a 2.48 percent increase at the official forex market compared to the 793.50 it closed on Friday.

Also, at the parallel market, the naira remained stable, exchanging at N1,115/$1 on Monday, the same amount as on Friday.

Meanwhile, Central Bank of Nigeria (CBN) Governor, Dr. Olayemi Cardoso, speaking at the Chartered Institute of Bankers of Nigeria (CIBN) 50th-anniversary event on Friday, noted that the changing exchange rate was affecting business growth and promised to be honest and fair to all as the bank performs its function.

“The elimination of petrol subsidies, the introduction of a floating exchange rate, and other government policies are expected to affect the economy in the medium term positively.

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