Nigeria’s currency, the naira, depreciated against the US dollar on Wednesday at the foreign exchange market.
Official data from FMDQ showed that the country’s currency
depreciated to N840.53 against the dollar at the close of work on Wednesday
compared to N830.97 the previous day.
The figure represents a N9.56 depreciation compared to the
exchange rate at the close of work on Tuesday.
This is the second time the country’s currency has
depreciated on the official FX market since last week.
Similarly, at the Parallel Market, Naira exchanged at
N1,150/$1 on Wednesday from N1,130/$1 on Tuesday.
Meanwhile, the country’s forex turnover increased by 61.86
per cent to $198.21 million.
The development comes as the governor of the Central Bank of
Nigeria (CBN), Dr Olayemi Cardoso, failed to hold a Monetary Policy Committee
meeting for the second time in two months. Recalls that the naira has
fluctuated in the FX market since CBN introduced reforms in June this year.
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