Data indicates that on Monday, the Naira experienced a 6% depreciation against the Dollar, reaching N1,234.49 to $1. FMDQ Exchange data, which monitors the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed a loss of N64.50 in Naira value.
Compared to its rate of N1,169.99 to the dollar on Friday, April 19, this represents a 5.51% decline. Despite this downturn, daily turnover increased to $110.17 million on Monday from $86.68 million recorded on Friday.
The Naira traded within the range of N1,296.5 and N1,050.00 against the Dollar at the Investor’s and Exporter’s (I&E) window.
During a press conference at the annual meeting of the International Monetary Fund (IMF) and World Bank Group, CBN Governor Yemi Cardoso assured stakeholders that the central bank is working towards achieving exchange rate stability. He emphasised the CBN’s efforts to ensure appropriate price discovery for the exchange rate, stating that forex reforms are yielding positive results and positioning the Naira as the best-performing currency globally.
Cardoso acknowledged potential fluctuations but expressed confidence that the Nigerian currency would gradually appreciate against foreign currencies.
