Naira Drops In Official Market
According to FMDQ data, the naira's value against the dollar was at N464.67 on Wednesday. This showed a small decrease. FMDQ is where official forex rates are collected and traded.
The naira started at N464.10 per $1. At the end of Wednesday, it ended at N464.67. The data shows this.
The rate dropped by 0.04% from Tuesday's rate of N464.50 per dollar.
On Wednesday, the local currency reached a high of N460.00 and a low of N467.00. At the end of the sales, it settled at N464.67.
According to the data, the forex supply was $163.74 million during the business period in the market segment.
On Wednesday, currency dealers reported a big rise in the naira in the unofficial market.
On Wednesday, the dollar was worth N740.00 when compared to the naira. Last week, the dollar was being sold for anywhere from N750.00 to N770.00. Currency dealers in Abuja shared this information.
The unauthorised segment's gain recently increased. This happened less than 72 hours after Nigeria's new president, Bola Tinubu, gave his inaugural speech on Monday. Tinubu stated that the Central Bank should strive for a unified exchange rate.
Mr. Tinubu suggested that the monetary policy needs cleaning. He wants the nation's exchange rates to come together.
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A currency dealer in Uyo said they lost money this week. They talked to PREMIUM TIMES about it. They said the president's comment affected the market a lot.
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