Nigeria’s Naira Takes a Hit Against the US Dollar in Foreign Exchange Markets

The Naira, Nigeria’s currency, faced a setback in the foreign exchange market on Wednesday as it weakened against the US dollar. Data from FMDQ revealed that the Naira depreciated to N882.24 per dollar, marking a 0.41% decrease from its previous position at N878.61 on Tuesday. In the parallel forex market, the Naira also experienced a depreciation, with the exchange rate quoted at N1,365 per dollar, signifying a 0.37% decrease from its earlier stance. The drop in forex turnover by 3.18% to $56.60 million on Wednesday added to the currency’s challenges. This decline occurred just a day after the Naira showed some strength in the foreign exchange market, following its drop against the US dollar last Friday and Monday. Olayemi Cardoso, the Governor of the Central Bank of Nigeria, addressed the Nigeria Economic Group outlook for 2024 on Wednesday. During his speech, he assured that the apex bank would strive to achieve real price discovery in the foreign exchange market.