Naira Falls 1.02% After Closing Steady For 7 Days At Official Market

Nigeria’s currency yesterday depreciated by 1.02 per cent (N4.83/$1) at the Investors and Exporters (I&E) forex window, Nigeria’s official foreign

Most currency traders who participated at the foreign exchange auction on Wednesday maintained bids between N460/$1, lower and N467/$1, higher bid.

President Bola Ahmed Tinubu had in his inaugural speech on May 29, 2023 signalled plans for a single exchange rate. He said monetary policy needs thorough house cleaning and that the Central Bank must work towards a unified exchange rate. “The naira volatility has underpinned our slow economic growth and fuelled an inefficient informal market,” Aminu Gwadabe, national president, Association of Bureau De Change Operators of Nigeria .

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