The naira’s depreciation against the US dollar persisted in the foreign exchange market, with data from both the parallel market and FMDQ showing further declines on Monday.
In the parallel market, a Bureau De Change operator in Wuse Zone 4, Mistila Dayyabu, reported to DAILY POST that the naira was traded at as high as N1,517 per dollar on Monday morning before settling at N1,500 per dollar later in the day. “On Monday morning, the dollar was sold at N1,517 per dollar. However, on hearing the information about the coming of the Economic and Financial Crimes Commission operatives, we started selling at N1,500 this evening,” Dayyabu said. This represents an increase from the N1,450 per dollar rate over the weekend.
Similarly, FMDQ data indicated that the official exchange rate dipped to N1478.11 per dollar on Monday, down from N1466.31 last Friday, marking an N11.8 drop.
Earlier, Central Bank of Nigeria Governor Olayemi Cardoso stated that the Monetary Policy Committee of the apex bank is committed to addressing Nigeria’s high inflation, which stood at 33.22 percent in March 2024.
