Market News
Naira Weakens Further To N1,520.24/$1 On Official Market - NEW TELEGRAPH
The naira weakened further on the official market yesterday, closing at N1,520.24/$1 compared to N1,512.61 per dollar on Wednesday, data from FMDQ shows. According to forex traders, the local currency also headed south at the parallel market yesterday, dropping to N1,520 per dollar from N1,510/$1 on the previous day.
Bloomberg recently reported Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, as saying that the apex bank was “relatively pleased” with the progress it has made in stabilising the naira and believes the excessive volatility may be a thing of the past.
The news agency quoted him to have said: “I do believe that we have more or less seen the worst in terms of volatility. We are also very alive to observing the way and manner in which that market operates and ensuring that it gives the best value that that can be accomplished using certain tools.”
