Market News

Naira depreciates against USD at forex market - DAILY POST

FEBRUARY 28, 2024

By Ogaga Ariemu

For the first time since last week, the Naira depreciated marginally against the US dollar on the foreign exchange market on Tuesday.

Data from FMDQ showed that the Naira dropped to N1,615.94 per USD on Tuesday from N1,582.94 on Monday.

This represents an N30 or 2.0 per cent depreciation compared to the N1,582.94 recorded at the close of trading on Monday.

Meanwhile, the Naira exchanged for N1,618.489 per USD on Tuesday at the parallel market from an average of N1,600 on Monday.

The FX rate at both foreign exchange markets showed that the margin had shrunk to N2.5.

DAILY POST recalls that Naira had continued its appreciation trend on Monday.

The last time the Naira depreciated at the FMDQ market was the close of work on Friday last week.

At the end of Tuesday’s 293rd Monetary Policy Committee meeting, the governor of the Central Bank of Nigeria reiterated his commitment to strengthen the Naira against USD at the forex market.

The CBN had announced the resumption of foreign exchange sales directly to eligible Bureau De Change Operators.


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