The Naira, Nigeria’s currency, witnessed a slight depreciation against the dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the official market, while it made gains at the parallel market.
Data from FMDQ revealed that the Naira fell to N854.61/$1 on Wednesday, down from the previous day’s N844.85/$1 at the close of trading.
However, there was some relief at the parallel market as the Naira strengthened marginally to N1,228/$1 on Wednesday, compared to N1,238 the day before.
Against the Great Britain Pound (GBP), the Naira appreciated, closing at N1,560/£ on Wednesday, in contrast to the previous day’s rate of N1,570/£.
Governor of the Central Bank of Nigeria, Olayemi Cardoso, expressed optimism about the reduction of exchange rate pressures in 2024, citing the smooth functioning of the foreign exchange market. He made these remarks before the National Assembly joint committee on Banking and Insurance last week.
Following the FX reforms introduced by the apex bank on 14th June, the Naira has been experiencing fluctuations in the forex market.
