On Wednesday, Nigeria’s currency, the naira, experienced a depreciation against the US dollar in the foreign exchange market.
According to official data from FMDQ, the country’s currency closed at N840.53 against the dollar, marking a N9.56 depreciation compared to the previous day’s exchange rate of N830.97.
This marks the second occasion in recent days that the naira has depreciated on the official FX market.
Simultaneously, at the Parallel Market, the naira exchanged at N1,150/$1 on Wednesday, up from N1,130/$1 on Tuesday.
In addition to the currency fluctuations, the country’s forex turnover increased by 61.86 per cent, reaching $198.21 million.
These developments unfold as the governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, failed to convene a Monetary Policy Committee meeting for the second time in two months.
The naira’s volatility in the FX market has been evident since the introduction of CBN reforms in June of this year.
