 |
| Forex crisis: Naira declines again versus dollar |
For the second time in a row, the Naira has weakened against the dollar in the forex market.
According to FMDQ data, the Naira saw a further drop to N1488.60 on Wednesday, down from N1476.95 on Tuesday.
This indicates an N11.65 decrease in value against the dollar from its previous trading session.
On the other hand, in the parallel market on Wednesday, the Naira stood firm at N1,500 against the dollar, unchanged from Tuesday.
This situation arises as the forex transaction turnover reached $236.99 million on Tuesday.
It's noteworthy that Nigeria’s foreign reserves have fallen by $1.8 billion over the past 10 weeks.
Despite the Central Bank of Nigeria's efforts, the nation's forex market has been subject to ongoing volatility since mid-April 2024.
Data from the FMDQ securities exchange reveals that the central bank provided $575 million to banks in May 2024 as part of its intervention strategy.
