The naira witnessed a marginal depreciation in the foreign exchange market, with data from FMDQ revealing a shift to N902.45 per US dollar from N902.08 on Thursday. This represents a 0.04% depreciation in the local currency compared to the previous day’s N902.08.
Meanwhile, at the parallel forex market, the naira dropped to N1325 per dollar, marking a 0.38% decrease from the previous day’s rate. This decline in forex turnover by 17.36% to $145.89 coincided with the marginal depreciation of the naira in both official and parallel markets.
The dip in the naira comes on the heels of its recent bounce-back against the US dollar just 24 hours prior, prompting concerns and speculations. Blame for the freefall of the naira has been directed at dollar hoarders by the Association of Bureau De Change Operators of Nigeria.
In light of these developments, Central Bank of Nigeria governor Olayemi Cardoso is set to preside over his first Monetary Policy Committee meeting since resuming office on February 26 and 27, 2024. This meeting, amid the backdrop of the naira’s fluctuations, is expected to address the concerns surrounding the currency’s performance in the forex market.
