June 15, 2024

Naira depreciates three times against dollar in five days

The naira depreciated three times against the dollar in the last week in the foreign exchange market.

FMDQ data indicated that the naira depreciated to N1,169.99 per dollar at the foreign exchange market on Friday, compared to N1,154.08 on Thursday.

This represents a loss of N15.91 compared to the figure traded the previous day.

On Tuesday, the naira recorded its first depreciation against the dollar after months of steady gains.

This was followed by another downturn on Thursday when the naira lost N81 to the dollar.

However, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, explained that naira’s appreciation can be sustained with liquidity in the country’s foreign exchange market.

Whereas analysts blamed the depletion of Nigeria’s foreign reserves for the naira depreciation, Cardoso said it was due to foreign loan repayment.

As of April 15, the country’s FX reserves had dropped to $32.29 billion.

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