JUST IN: NAIRA DEPRECIATES FURTHER, TRADES AT OVER N1, 500/$

May 13, 2024May 13, 2024

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By Ajape Sefiu A.

The naira continued its devaluation against the US dollar in the foreign exchange market.

According to data from the parallel market section and FMDQ, Naira further depreciated against the dollar on Monday.

Meanwhile, at the parallel market, a Bureau De Change operator in Wuse Zone 4, Mistila Dayyabu, told DAILY POST that the naira was sold as high as N1,517 per dollar on Monday before settling at N1,500 per dollar.

“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, ” he said.

Just during the weekend, it was N1, 450 per dollar before increasing by more N50 on Monday.

Similarly, at the official market, FMDQ data showed that they dipped to N1, 478.11 per dollar on Monday from N1, 466.31 last Friday.

This represents an N11.8 drop from the N1466.31 recorded last Friday.

Recall that the Central Bank of Nigeria’s Governor, Olayemi Cardoso, said the apex bank’s Monetary Policy Committee will do everything to bring down soaring Nigeria’s inflation, which stood at 33.22 per cent in March 2024.