Market News
Naira gains against US Dollar at forex market - DAILY POST
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The Naira marginally appreciated against the US Dollar again on Wednesday at the foreign exchange market.
Official data from FMDQ disclosed that the Naira depreciated to N831.47/$1 on Wednesday from N881.88/$1 on Tuesday.
This represents a N50.41 appreciation at the official forex market compared to the N881.88/$1 exchange rate the previous day.
It is the first time the Naira has appreciated against the dollar at the official market since Monday.
In contrast, the Naira depreciated slightly in the parallel market, exchanging at N1160/$1 on Wednesday from N1145 on Tuesday.
This is a N15 depreciation from the figure it exchanged the previous day.
Dayyabu Mistila, a Bureau De Change Operator in Wuse Zone 4, disclosed that he is selling US Dollars at N1160/$1 while buying at N1,150/$1 on Thursday morning.
Meanwhile, Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, speaking at the Chartered Institute of Bankers of Nigeria (CIBN) 50th-anniversary event last week, noted that the fluctuating exchange rate was hampering business growth and promised to be transparent and fair to all as the bank performs its function.
“I’m confident and optimistic that by taking appropriate corrective actions and strategic steps, we can restore macroeconomic stability and address fundamental flaws,” he stated.
Recall that Cardoso had failed to hold a Monetary Policy Committee meeting for the second time since his emergence as the CBN governor in September.
Nigeria’s FX market has continued to experience a crisis since CBN introduced reforms in June this year.
