Having depreciated to N1,478.11 to the dollar on Monday, the value of the naira continued its downward slide on Tuesday at the Nigeria Foreign Exchange Market (NAFEM) and at the parallel market closing at N1,520.40 to the dollar at the official end of the market
The naira slid further down to N1,501 at the end of Tuesday’s trading activities compared to N1,485 to the dollar which it sold on Monday despite the Economic and Financial Crimes Commission’s continued arrest of money changers across Lagos.
The naira recorded a N42.29 or 2.9 per cent depreciation as it closed at N1,520.40 to the dollar at the official market, compared to a 0.8 per cent, or N1,478.11 to the dollar on Monday, according to FMDQ data.
At the close of trading, NAFEM’s turnover had fallen to $128.76 million from $227.64 million recorded on Tuesday. During the day’s trading, deals were concluded at the highest and lowest spot prices of N1,568 and 1,350 respectively compared to Monday’s peak rate of N1,515 but lower than Tuesday’s record price of N1,301.
Recall Monetary Policy Committee of the Central Bank of Nigeria has raised the benchmark interest rate by 200 basis points to 24.75 percent.
The CBN governor, Olayemi Cardoso had reassured that the apex bank’s Monetary Policy Committee is committed to addressing the country’s surging inflation rate, which stood at 33.22% in March 2024.
