Naira Falls in 48 Hours Against the Dollar, See the Current Value
In the past 48 hours, the naira has experienced a sharp decline of N106.7 against the dollar in the official foreign exchange market.
This depreciation follows a further weakening of the naira, driven by a decrease in foreign exchange supply on Wednesday. According to FMDQ data, the naira fell to N1659.69 per dollar, down from N1658.97 on Tuesday, marking a loss of N0.72.
On Tuesday alone, the naira suffered a substantial drop of N106.05 against the dollar. The World Bank has highlighted that the naira ranks among the worst-performing currencies in Africa.
The only instance of appreciation this week occurred on Monday. Despite the Central Bank of Nigeria’s (CBN) efforts to stabilize the market, fluctuations persist.
Yemi Cardoso, the CBN Governor, addressed the House of Representatives Committee on Banking Regulations, stating that Nigeria’s external reserves are robust, currently standing at $39.12billion.
