Naira depreciates by ₦65 as it loses 6% against dollar at official market
At the Investor’s and Exporter’s (I&E) window, the naira traded between ₦1,295.00 and ₦1,051.00 against the dollar.
Dollar and Naira [THISDAYLIVE]
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Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the naira lost ₦64.50.
This represents a 5.51% loss when compared to the previous trading date on Friday, April 19, when it exchanged at ₦1,169.99 to a dollar.
However, the total daily turnover increased to 110.17 million dollars on Monday, up from 86.68 million dollars recorded on Friday.
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Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between ₦1,295.00 and ₦1,051.00 against the dollar.
CBN Governor, Yemi Cardoso, on Saturday, April 20, 2024, said the apex bank was doing everything possible to achieve a stable exchange rate.
He said the apex bank was also working to ensure that the exchange rate found its adequate price discovery level.
Cardoso said that CBN’s foreign exchange reforms were paying off and had made the naira the best-performing currency globally.
He spoke at a press conference during the annual meeting of the International Monetary Fund (IMF) and World Bank Group.
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He predicted ups and downs but assured the global economic community that the naira would steadily gain against foreign currencies.
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