Naira depreciated against the US dollar on Wednesday as the supply of foreign currencies dropped by 56.58 per cent to $117.87 million.
Data from FMDQ showed that the Naira depreciated to N1503.38 per US dollar on Wednesday from N1,499.07 on Tuesday.
This represents a N3.93 loss or a 0.26 per cent decrease.
Similarly, at the Parallel Market, Naira dropped to N1,545 per Dollar on Wednesday from N1,517 on Tuesday.
The depreciation came after the Naira appreciated marginally against the dollar at the official FX market on Tuesday.
Meanwhile, CBN governor, Olayemi Cardoso assured of exchange rate stability when he spoke at an interface with the Senate Joint Committee on Banking, Insurance and Financial Institutions in Abuja on Friday last week.
DAILY POST reports that since the Central Bank of Nigeria introduced ‘Financial Markets Price Transparency and Market Notice of a Revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms on January 29th, the country’s exchange rate hovers around N1,400 to over 1,500 per US dollar.
Naira depreciates against US dollar as FX supply drops
