Naira weakens to N1,507.83/$ in Nigeria

PHOTO

The naira on Wednesday weakened to N1,507.83 per dollar at the official market as against N1,500.79 to the greenback on Tuesday.

The Tuesday rate marked a depreciation by 0.71 per cent as the dollar was quoted at N1,500.79, weaker than N1,490.20 quoted on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), data from the FMDQ Securities Exchange Limited showed.

At the parallel market, the local currency closed at N1,488 per dollar on Wednesday as against N1,484 to the dollar on Tuesday.

Related PostsIMTOs to access Naira from CBN for settlement of diaspora remittancesNaira depreciates further at official market, trades N1476.24/$Naira appreciates against dollar by 0.02%

Meanwhile, the Governor of the Central Bank, Yemi Cardoso, stated that the country has already experienced the worst of naira volatility regarding foreign exchange.

Cardoso said this in an interview on Tuesday in London while speaking to Bloomberg TV.

ALSO READ: Reps launches investigation into appointment of NASRDA, RMRDC DGs

The head of the apex bank said he is satisfied with how far they have been able to manage the currency crisis in the past few months, adding that it is a work in progress as they will continue to implement certain macroeconomic fundamentals that will positively impact the market.

“We are relatively pleased with how far we’ve gotten now. In the past two to three weeks after a period of volatility, we’ve seen a lot of stability in the market, “ he was quoted as having said.

In one month, precisely June 2024, the Nigerian economy recorded about $5.95 billion inflows from the World Bank and Afreximbank.

Foreign exchange inflows refer to the movement of foreign currency into a country. These inflows can come from various sources, such as exports, when a country sells goods and services to other countries; it earns foreign currency from these transactions.