Market News
Naira Falls To N1,532.58/$1 On Official Market - NEW TELEGRAPH
The naira extended its weakness on the official market on Tuesday, closing at N1,532.58/$1 compared to N1,523.85 per dollar on Monday, data from FMDQ shows.
The local currency also slumped at the par – allel market on Tuesday, falling to N1,540 per dollar compared to N1,530/$1 on the previ – ous days. Forex traders attributed the naira’s decline to a sharp increase in travelers and importers’ demand for dollars.
Analysts note that the naira is weaken – ing against the dollar despite Central Bank of Nigeria (CBN) data showing that Nigeria’s external reserves hit $35.05 billion as of July 8 2024.
Bloomberg recently reported Governor of the Central Bank of Ni – geria (CBN), Olayemi Cardoso, as saying that the apex bank is “rela – tively pleased” with the progress it has made in stabilising the naira and believes the excessive volatility may be a thing of the past.
