Despite recent interventions by the Central Bank of Nigeria, the Naira lost value against the US dollar at the foreign currency market on Tuesday.
The Naira fell to N1,433.89 per US dollar on Tuesday from N1,419.86 on Monday, according to data from FMDQ.
This is a 14.03 percent loss, or 0.98 percent, from the N1,419.86 reported at Monday’s conclusion of trading.
On the parallel market, the Naira saw an increase on Tuesday, trading at the same rate as it did on Monday: 1,410 per US dollar.
Due to the extensive policy changes implemented by the Central Bank of Nigeria, the Naira saw a notable increase in value relative to the US Dollar at the Foreign Market.
Olayemi Cardoso, the governor of the CBN, informed the House of Representatives on Tuesday that the nation’s exchange market volume reached $800 million for the first time as a result of the bank’s recent policy intervention. [CONTINUE READING HERE]
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