The Nigerian naira experienced a decline in value against the US dollar in the foreign exchange market on Tuesday, as per official data from FMDQ. The currency traded at N830.97 to a dollar at the close of the business day on Tuesday, a significant drop from N750.15 on Monday, signifying an N80.82 depreciation compared to the previous exchange rate.
This marks the first instance of the naira’s official depreciation in the mFX market since the preceding week. However, the parallel market maintained stability, with the exchange rate remaining at N1,130 per dollar on Tuesday, akin to the rate observed on Monday.
According to Dayyabu Mistila, a Bureau de Change operator in Wuse Zone 4, Abuja, the dollar was sold at N1,130 and purchased at N1,140 on Tuesday, affirming the prevailing exchange rates.
Notably, Governor Olayemi Cardoso of the Central Bank of Nigeria (CBN) failed to convene a Monetary Policy Committee meeting for the second time in two months. This development occurs amidst the naira’s fluctuation in the FX market, following reforms introduced by the CBN in June this year.
It is essential to monitor the evolving situation closely, as the naira’s performance in the foreign exchange market bears significant economic implications.
