Naira Crumbles to N1,534 Against US Dollar at Foreign Market
The Nigerian Naira experienced a significant depreciation, hitting a historic low of N1,534.39 against the US dollar in the foreign exchange market on Monday.
Data sourced from FMDQ revealed that the Naira plummeted to N1,534.39 per US dollar on Monday, marking a sharp decline from N1,469.97 recorded on Friday.
This indicates a notable 4.2 percent or N64.42 decrease compared to the closing rate of N1,469.97 reported during the previous trading session.
This latest development brings the Naira back to the exchange rate observed on Monday, January 29, when the Central Bank of Nigeria introduced several reforms including the ‘Financial Markets Price Transparency and Market Notice of a Revision to the FMDQ FX Market Rate Pricing Methodology’.
Concurrently, in the Parallel Market, the Naira witnessed an uptick, reaching N1,495 per Dollar on Monday, compared to N1,490 recorded on Friday.
In a related development, Olayemi Cardoso, the Governor of the Central Bank of Nigeria, reassured stakeholders of efforts towards maintaining exchange rate stability during an interface with the Senate Joint Committee on Banking, Insurance, and Financial Institutions in Abuja on Friday.