On Wednesday, the Nigerian Naira experienced a depreciation against the US dollar, owing to the reduction in the supply of foreign currencies by 56.58% to $117.87 million.
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According to data obtained from FMDQ, the Naira lost value and depreciated to N1503.38 against the US dollar, a decrease of N3.93 or 0.26% from the previous day’s rate of N1,499.07.
Similarly, at the parallel market, the Naira dropped to N1,545 per US dollar on Wednesday from N1,517 the day before.
Interestingly, the Naira had appreciated slightly against the dollar at the official foreign exchange market on Tuesday, only to experience a loss the following day.
The CBN governor, Olayemi Cardoso, had earlier assured the public of exchange rate stability at an interface with the Senate Joint Committee on Banking, Insurance, and Financial Institutions in Abuja on Friday, the previous week.
It is noteworthy that since the Central Bank of Nigeria implemented the ‘Financial Markets Price Transparency and Market Notice of a Revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms on January 29th, the country’s exchange rate has been fluctuating between N1,400 to over N1,500 per US dollar.
