Naira Witnesses Substantial Depreciation Against US Dollar in Recent Forex Market Trends

The Nigerian Naira experienced a significant depreciation against the US dollar on Thursday, according to data from the Financial Markets Dealers’ Quotations (FMDQ). The Naira weakened to N900.96 per dollar, marking a noteworthy decline from its Wednesday rate of N882.24 per dollar.

The observed depreciation equates to an N18.72 loss or a 2.12% decrease, ultimately closing at N900.96 in the local currency, in contrast to the N882.24 it stood at just the day before. Additionally, the parallel forex market witnessed a record low exchange rate of N1,410 per Dollar, reflecting a 0.37% decrease from Wednesday’s rate of N1,365 per dollar.

Despite a substantial 103.52% increase in forex turnover, totaling $115.19 million at the close of Thursday, the Naira’s value saw a continued decline. DAILY POST highlights that this downward trend persisted from Wednesday, indicating a cumulative loss of N22.35 in the past two days.

In response to these developments, Central Bank of Nigeria Governor, Olayemi Cardoso, addressed the Nigeria Economic Group outlook for 2024 on Wednesday, assuring that the apex bank is committed to facilitating real price discovery in the foreign exchange market. The market will be closely monitored for further updates and potential interventions.