Naira dips massively against dollar for second time

Naira dipped massively against the dollar for the second time.

 

Newsonline Nigeria reports that Naira depreciated against the US dollar on Wednesday at the foreign exchange market.

 

This Nigeria news platform understands that the official data from FMDQ showed that the country’s currency depreciated to N840.53 against the dollar at the close of work on Wednesday compared to N830.97 the previous day.

 

SEE ALSO: Daily Black Market Dollar to Naira Exchange Rate Tracker, 23 November 2023

 

The figure represents an N9.56 depreciation compared to the exchange rate at the close of work on Tuesday.

 

This is the second time the country’s currency has depreciated on the official FX market since last week.

 

Similarly, at the Parallel Market, Naira exchanged at N1,150/$1 on Wednesday from N1,130/$1 on Tuesday.

 

Meanwhile, the country’s forex turnover increased by 61.86 per cent to $198.21 million.

 

The development comes as the governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, failed to hold a Monetary Policy Committee meeting for the second time in two months.

 

Newsonline Nigeria recalls that the naira has fluctuated in the FX market since CBN introduced reforms in June this year.