Nigerian Naira reached an unprecedented low, sliding to N1,534.39 against the US dollar in the foreign exchange market on Monday. FMDQ data reveals a stark depreciation from Friday’s rate of N1,469.97, marking a 4.2% or N64.42 decline.
This notable drop mirrors the exchange rate observed on Monday, January 29, coinciding with the Central Bank of Nigeria’s introduction of the ‘Financial Markets Price Transparency and Market Notice of a Revision to the FMDQ FX Market Rate Pricing Methodology’ and other pivotal reforms.
In tandem, the Parallel Market witnessed the Naira strengthening marginally to N1,495 per Dollar on Monday, up from N1,490 on Friday.
Addressing concerns over exchange rate stability, Central Bank of Nigeria governor Olayemi Cardoso conveyed assurance during a discussion with the Senate Joint Committee on Banking, Insurance, and Financial Institutions in Abuja on Friday.
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