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Naira Depreciates Against U.S. Dollar as FX Supply Drops

Naira depreciated against the U.S. dollar as the supply of foreign currencies dropped by 56.58 per cent to $117.87 million.

Data from FMDQ showed that the Naira depreciated to N1503.38 per U.S. dollar on Wednesday from N1, 499.07 on Tuesday.

This represents a N3.93 loss or a 0.26 percent decrease.

Similarly, at the Parallel Market, Naira dropped to N1,545 per Dollar on Wednesday from N1,517 on Tuesday.

The depreciation came after the Naira appreciated marginally against the dollar at the official FX market on Tuesday.

Meanwhile, CBN governor, Olayemi Cardoso assured of exchange rate stability when he spoke at an interface with the Senate Joint Committee on Banking, Insurance and Financial Institutions in Abuja on Friday last week.

According to reports, since the Central Bank of Nigeria introduced ‘Financial Markets Price Transparency and Market Notice of a Revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms on January 29th, the country’s exchange rate hovers around N1,400 to over 1,500 per U.S dollar.

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