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Naira Value Depreciates Further, Exchanges At N1,520 Per Dollar
Naira Value Depreciates Further, Exchanges At N1,520 Per Dollar
The value of the Nigerian naira dropped to N1,520 per US dollar at the informal segment of the foreign exchange (FX) market on Monday, marking a 3.4% decrease from the N1,470/$ rate witnessed on May 10th.
Bureau de change (BDC) operators, commonly known as street traders, set the buying price for the dollar at N1,490 and the selling price at N1,520, resulting in a N30 profit margin.
On the official front, the naira experienced a 0.80% decline against the dollar, closing at N1,478.11 on Monday compared to N1,466.31 on May 10th.
The FMDQ Securities Exchange, which supervises official FX trading in Nigeria, reported that the highest exchange rate recorded during trading was N1,490 to the dollar, while the lowest rate stood at N1,322/$.
In response to these developments, the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, emphasized that the CBN has refocused its efforts on ensuring price and monetary stability.
Cardoso noted that the official FX market has achieved stability.
He mentioned a shift in investor behavior, where previously investors tended to react to currency fluctuations by flocking to alternative sources, but now there is a growing comfort with the official exchange window.
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