The exchange rate between the Naira and Dollar declined to a week-to-date low of N1,234.49/$1 on the official NAFEM window Monday.
This was disclosed in the FMDQ official traded exchange rate data posted on Monday.
This is a significant decline from the official exchange rate of N1,169.99/$1 recorded on Friday 19th of April 2024.
Recall that the naira had appreciated to about N1,072.74 on Wednesday, while some analysts projected it could go below N1000.
This decline seems to have coincided with comments made by the Central Bank Governor Yemi Cardoso when he was asked about last week’s unexpected fall in foreign exchange reserves, he said that the primary intention of the bank was not to defend the Naira.
