- The naira has recorded its first depreciation against the dollar on the black market since the start of the week.
- According to a Bureau de Change operator, the naira fell to N1,490 per dollar on Wednesday, losing N10 from its previous rate.
- In the official market, the naira stood at N1,495.91 per dollar on Tuesday, with the Central Bank of Nigeria yet to release its FX data for Wednesday.
The Nigerian naira has recorded its first depreciation against the United States dollar on the black market since the start of the week.
According to a Bureau de Change operator at Wuse Zone 4, Abuja, the naira fell to N1,490 per dollar on Wednesday.
READ ALSO: CBN’s FX Reforms Stabilize Naira, Says Expert
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This represents a loss of N10 from its previous rate of N1,485 traded on Tuesday.
The naira had sustained its gains against the dollar on Monday and Tuesday across foreign exchange markets.
In the official market, the naira stood at N1,495.91 per dollar on Tuesday, as the Central Bank of Nigeria has yet to release its FX data for Wednesday.
CBN’s Forex Policies Working, Naira Undervalued by 26.35% – Rewane
Bismarck Rewane, Managing Director of Financial Derivatives Company, has expressed confidence in the Central Bank of Nigeria’s (CBN) foreign exchange policies, stating they are yielding positive results and aligning the naira closer to its fair value.
Rewane made this statement on the Global Business Report show on Arise TV.
