The Nigerian naira faced depreciation thrice against the US dollar.
Data from FMDQ revealed that on Friday, the naira slumped to N1,169.99 per dollar, marking a significant decline from Thursday’s rate of N1,154.08, translating to a loss of N15.91.
This downward trend commenced on Tuesday, marking the first depreciation in months following a period of stability. Thursday witnessed another setback as the naira lost N81 against the dollar.
Governor of the Central Bank of Nigeria, Olayemi Cardoso, attributed the fluctuation to varying factors. While analysts pointed fingers at the depletion of Nigeria’s foreign reserves, Cardoso cited foreign loan repayments as the primary cause.
Despite the challenges, Cardoso expressed optimism in sustaining the naira’s appreciation through bolstered liquidity in the foreign exchange market.
As of April 15, Nigeria’s foreign exchange reserves had dwindled to $32.29 billion, highlighting the strain on the nation’s currency.
DNews Info is a trusted source for breaking news, insightful commentary, and in-depth coverage of events across Nigeria and beyond. With a commitment to delivering accurate, timely, and engaging stories, we aim to keep our readers informed and empowered. Stay connected for the latest updates in politics, business, entertainment, and more.
Discover more from DnewsInfo
Subscribe to get the latest posts sent to your email.
