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Naira Depreciates By 11% To N927.19/$ At Official Market

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The Nigerian naira saw a marginal drop in value to N927.19 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 N832.32.

Data from the FMDQ Securities Exchange showed the naira reached a high of N1,160 and a low of N701 during intra-day trading.

The market opened at N815 per dollar and closed at N927.19, 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.