Naira reverses gains, slumps to N1433.89/$1 at official market

The naira on Tuesday reversed two days of recovery to slump to N1433.89/$1 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a loss of N14.03 when compared to the N1419.86 it traded the previous day.

The intraday high recorded was N1, 519.78/$1, while the intraday low was N894.99/$1, representing a wide spread of N624.79/$1.

Similarly, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1,465/$1, a loss of N15 compared to the N1,450/$1 it closed the previous day, while peer-to-peer traders quoted around N1526/$1.

The naira also depreciated against the British Pound to trade at N1,870/£1 as against the N1,860/£1 it traded the previous day representing a loss of N10.

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The Canadian dollar closed flat against the naira at N1100/CA$1, the same as the previous day’s trading.

Meanwhile, the naira appreciated by N30 against the Euro, to trade at ₦1,580/€1 as against the previous closing price of ₦1,610/€1.

Recall that governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, on Tuesday revealed measures deployed by the apex bank to address the foreign exchange crisis in the country.

Cardoso spoke at the resumption of the sectoral debate series organised by the House of Representatives in Abuja.

He listed the to include unifying foreign exchange market segments, clearing outstanding FX obligations, introducing new operational mechanisms for Bureau De Change (BDC) operators, enforcing the Net Open Position limit, and adjusting the remunerable Standing Deposit Facility cap.

He said: “To address exchange rate volatility, a comprehensive strategy has been initiated to enhance liquidity in the foreign exchange markets.