Naira depreciates further at foreign exchange market
In the black foreign exchange market, the value of the Naira has continued to decline versus the US dollar. Wuse Zone 4 Bureau De Change Operator Ashiru Dayyabu said that on Tuesday, the Naira dropped from N1560 per dollar on Monday to N1585 per dollar.
By comparison, the N25 depreciation versus the USD is far greater than the N1560 that was traded the day before. In the meantime, the Naira strengthened against the Dollar at the official foreign currency market for the first time this week.
According to the FMDQ data, on Tuesday at the currency market, the Naira increased marginally from N1577.29 on Monday to N1576.66 versus the dollar. This development coincides with a decline in foreign currency transaction turnover from $155.53 million to $138.17 million on Tuesday, the previous day.
The Monetary Policy Meeting is scheduled for Monday and Tuesday of next week, as announced on Friday by the Central Bank of Nigeria. This is in response to the increasing rate of inflation, which reached 34.19 percent in June 2024.
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