Monday witnessed a slight decrease in the value of the Naira on the official market, with data from the FMDQ Exchange indicating a trading rate of N1,234.49 to the dollar. This reflects a decline of N64.50 or 5.51% compared to the previous trading session. However, despite this depreciation, the total daily turnover surged to $110.17 million, marking an increase from the $86.68 million recorded on Friday.
At the Investors’ and Exporters’ (I&E) window, the Naira’s trading range against the dollar fluctuated between N1,295.00 and N1,051.00.
CBN Governor Yemi Cardoso reaffirmed the central bank’s dedication to achieving a stable exchange rate and ensuring adequate price discovery. He emphasized the positive impact of the CBN’s foreign exchange reforms, underscoring that they have positioned the Naira as the top-performing currency globally. Furthermore, Cardoso assured the global economic community of the Naira’s continual appreciation against foreign currencies, despite anticipated fluctuations.