Naira Depreciates By 11% To ₦927.19/$ At Official Market

The Nigerian naira saw a marginal drop in value to ₦927.19 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the country’s official exchange rate platform.

This rate represents a 11.40 percent decrease from the previous day’s rate of ₦832.32.

Data from the FMDQ Securities Exchange showed the naira reached a high of ₦1,160 and a low of ₦701 during intra-day trading.

The market opened at ₦815 per dollar and closed at ₦927.19, with a total daily turnover of $110.14 million.

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, emphasized the bank’s commitment to stabilizing the naira and controlling inflation.

He said, “We have critically reviewed the effectiveness of the central bank’s monetary policy tools and have spent time fixing the transmission mechanism to ensure the decisions of MPC meetings result in desired objectives.

“For quite some time, there has been a dislocation of our monetary transmission mechanisms rendering the MPC meetings largely ineffective.”

Cardoso said the measures have already started to yield results, as excess liquidity in the banking system has significantly reduced.