Naira depreciated by N112 against dollar at forex market in April
The Naira lost N112.38 against the US dollar at the foreign exchange market in April 2024.
FMDQ data showed that the Naira traded at N1,390.96 per dollar on Tuesday, 30th April, compared to N1,278.58 per dollar at the beginning of the month.
This represents a 10 per cent depreciation against the dollar in the period under review.
The development comes despite the Naira recording a 12 per cent gain against the dollar in the first 12 days of April, adding to its 14 per cent surge in March. Consequently, Goldman Sach described the Naira as the best performing currency.
However, the losses recorded in the second half of April have resulted in a month-on-month decline.
Meanwhile, Central Bank of Nigeria, CBN, governor, Olayemi Cardoso, stated that the apex bank is planning policies to tackle Naira’s instability in the forex market.
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