Naira Falls to N1503.38 Against Dollar

On Wednesday, the Naira declined against the US dollar to N1503.38 compared to N1,499.07 recorded in the previous trading day.

This represents a 0.26% decline.

This dip coincided with a 56.58% drop in foreign currency supply at the official foreign exchange section to $117.87 million.

At the parallel market, the Naira further weakened, sliding to N1,545 per dollar from N1,517.

The depreciation followed a marginal appreciation observed in the official FX market on Tuesday.

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, had previously reassured the public of exchange rate stability during an interaction with the Senate Joint Committee on Banking, Insurance, and Financial Institutions in Abuja.

The ongoing fluctuations come amid the CBN’s recent reforms and the introduction of the Financial Markets Price Transparency and Market Notice of a Revision to the FMDQ FX Market Rate Pricing Methodology.