The naira has crashed again to the US dollar, surpassing the N1,500 exchange rate mark in the official and parallel markets.
FMDQ data shows that the Nigerian Autonomous Foreign Exchange Market (NAFEM) naira closed at N1,500.79/$1 on Tuesday, June 25.
Tuesday’s rate indicates that Nigerian currency value depreciated by 0.71% or N10.59 against the US Dollar in the official market compared to Monday’s rate of N1,490.20/$1.
The naira’s poor performance happened as the forex supply decreased by 10% or $15.25 million.
Banks, companies and other players in the official window on Tuesday exchanged $136.75 million compared to $152.00 million recorded on Monday.
It was the same scenario for the naira naira official market for the British pound and the euro
CBN data shows that the domestic currency lost against the pound in the official FX market by N19.34 on Tuesday to sell for N1,890.86/£1 compared with Monday’s closing price of N1,871.52/£1.
The naira value depreciated by N15.81 against the euro to sell for N1,598.78/€1 compared to the N1,582.97/€1 it was exchanged a day earlier.
The fall of the naira continued in the black market as traders sold one dollar at N1,510/$1, which is higher than the N1,505/$1 quoted on Monday.
Despite the poor performance of the naira, Central Bank of Nigeria (CBN) Governor Yemi Cardoso has assured Nigerians that the worst is over for the naira fluctuation in the FX market.
Bloomberg reports that he also expressed satisfaction with the progress in curbing volatility.
His words:
Earlier, TimesNow.com.ng reported that the CBN reportedly stopped funding for Bureau de Change Operators.
The move aims to test CBN’s reform template and minimise quick fixes in the FX market.
The CBN is reportedly reviewing significant policies to strengthen the implementation or tweak its reforms.
Source: TimesNow.com.ng
