Naira crashes massively against dollar at forex market

On Tuesday, the Naira experienced a marginal depreciation against the US dollar on the foreign exchange market, marking the first such occurrence since last week.

According to data from FMDQ, the Naira slipped to N1,615.94 per USD on Tuesday from N1,582.94 on Monday, reflecting a decrease of N30 or 2.0 percent compared to the previous day’s closing rate of N1,582.94.

Simultaneously, on the parallel market, the Naira was traded at N1,618.489 per USD on Tuesday, up from an average of N1,600 on Monday. This indicates a narrowing margin of N2.5 between the FX rates in both markets.

It is worth noting that the Naira had been on an appreciating trend on Monday, making this depreciation a notable shift. The last recorded depreciation of the Naira at the FMDQ market was observed at the close of trading on Friday last week.

Following the conclusion of Tuesday’s 293rd Monetary Policy Committee meeting, the governor of the Central Bank of Nigeria reiterated the commitment to bolster the Naira against the USD in the forex market.