Market News

Naira closes weaker at N1,534.39/$1 on official market - NEW TELEGRAPH

FEBRUARY 13, 2024

The naira weakened on the official market-the Investors and Exporters’ (I&E) window-on Monday as it closed at N1,534.39/$1 compared with N1,469.97 per dollar on Friday, data from FMDQ Exchange shows. The naira has been trading at above N1,400 per dollar on the official market in recent days following a revision of the methodology used to set the exchange rate by the market regulator FMDQ OTC Securities Exchange.

The market regulator said its methodology for calculating closing rates on the currency was revised to include more data, adding that the levels on its computation had changed. Analysts note that the naira’s official exchange rate has been drifting towards the parallel market level in recent days as foreign currency shortages push demand to unofficial sources. However, speaking at the resumption of the sectoral debate series organised by the House of Representatives last Tuesday, Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, assured Nigerians that the apex bank had adopted some strategies to tackle the country’s forex crisis.


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