The Naira weakened slightly vs the US dollar on the foreign exchange market on Tuesday, marking the first such decline since last week.
The Naira fell to N1,615.94 per USD on Tuesday from N1,582.94 on Monday, according to data from FMDQ.
Compared to the N1,582.94 reported at the close of trading on Monday, this implies a N30, or 2.0%, devaluation.
In the meantime, on Tuesday, the Naira traded at the parallel market for N1,618.489 per USD, up from Monday’s average of N1,600.
The foreign exchange rate at both foreign exchange markets indicated a decrease in the margin to N2.5.
Recall that on Monday, the value of Naira continued to rise.
The closing of business on Friday of last week was the last time the Naira saw a decrease at the FMDQ market.
Following the conclusion of the 293rd Monetary Policy Committee meeting on Tuesday, the governor of the Central Bank of Nigeria reaffirmed his intention to fortify the Naira in relation to the US dollar in the foreign exchange market.
The CBN had notified qualified Bureau De Change Operators that direct foreign exchange sales would once again begin. [CONTINUE READING HERE]
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