Naira begins week with depreciation
The Naira recorded its first massive depreciation against the dollar at the foreign exchange market 24 hours after President Bola Ahmed Tinubu’s first anniversary.
FMDQ data showed that the Naira depreciated to N1484.75 against the Dollar on Thursday from N1329.65 on Wednesday.
This represents an N155.1 loss against the dollar compared to N1329.65 traded on Wednesday.
Similarly, at the parallel market section the depreciated to N1490 per dollar on Thursday from N1480 the previous day.
The development comes as the turnover of foreign exchange transactions dropped to $235.41 million on Thursday from $328 million on Tuesday.
Accordingly, the last time the Nadepreciatedated at both official and parallel foreign exchange markets was on May 23, 2024, when the Central Bank of Nigeria announced fresh guidelines to Bureau De Change operators.
Since mid-April, the Naira has continued to fluctuate against the dollar at the forex market despite CBN interventions.
Olayemi Cardoso, the governor of CBN at the last 295th Monetary Policy Committee blamed the volatility on seasonal fluctuations.
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