JUST IN: Naira Crashes Against Dollar As New Exchange Rate Emerges

The Nigerian Naira has witnessed a depreciation in value against the dollar in the official market.

This is as the exchange rate has dropped to N1,309.39 per dollar, as per data from the FMDQ trading platform. This indicates a 0.69 percent decrease compared to the previous day’s rate of N1,300.43 per dollar.

Despite the decline in exchange rate, there was a notable increase in trading volume, reaching a total turnover of $857.78 million, more than doubling the previous day’s figure of $416.10 million.

In the Investor’s and Exporters’ (I&E) window, the Naira exhibited fluctuations, trading within the range of N1,392 to N1,250 against the dollar.

These changes in the forex market occur amidst various economic adjustments and policy shifts by the Central Bank of Nigeria (CBN). Additionally, the CBN has raised the minimum capital requirement for commercial banks with international authorization to N500 billion, as part of efforts to strengthen the banking sector.

With the recent adjustment of the benchmark interest rate to 24.75%, the CBN aims to tighten monetary policy to stabilize the economy. As stakeholders assess the implications of these changes, their impact on borrowing costs, investment, and overall economic stability remains a subject of scrutiny and analysis.