Currency Exchange Naira Advances Against the US Dollar bankpawa.co .uk

Currency Exchange: Naira Advances Against the US Dollar

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On Wednesday, the foreign exchange market saw the naira somewhat advance against the US dollar once again.

According to official statistics released by FMDQ, the value of the naira fell from Tuesday’s N881.88/$1 to Wednesday’s N831.47/$1.

When compared to the N881.88/$1 exchange rate from the previous day, this signifies an N50.41 appreciation on the official currency market.

Since Monday, the official market has not seen the naira increase against the dollar.

However, on Wednesday, the naira exchanged hands for $1.160, down from $1.145 on Tuesday, reflecting a modest depreciation in the parallel market.

It lost fifteen Nigerian cedis compared to the amount it traded the day before.

Wuse Zone 4’s Bureau De Change Operator Dayyabu Mistila said on Thursday morning that he is selling US dollars at a rate of N1160/$1 and purchasing them at a rate of N1,150/$1.

At last week’s Chartered Institute of Bankers of Nigeria (CIBN) 50th-anniversary celebration, Dr. Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), said that the unpredictable exchange rate was limiting company expansion and that the bank would be open and honest with everyone in its dealings.

“Restoring macroeconomic stability and addressing fundamental flaws can be achieved through the implementation of suitable corrective actions and strategic steps.”

He made the declaration.

You may remember that since becoming governor of the CBN in September, Cardoso has missed two meetings of the Monetary Policy Committee.

The turmoil in Nigeria’s foreign exchange market that began with the Central Bank of Nigeria’s reforms in June of this year has persisted.

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