VAM News Update

Nigeria’s currency, the naira, depreciated against the US dollar at the foreign exchange market on Tuesday.

Official data from FMDQ showed that the country’s currency exchanged at N830.97 to a dollar at the close of work on Tuesday, compared to N750.15 on Monday.

The figure represents an N80.82 depreciation compared to the exchange rate at the close of work on Monday.

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

Meanwhile, the parallel market maintained stability, exchanging for N1,130/$1 on Tuesday at a similar rate to Monday.

Dayyabu Mistila, a Bureau de Change operator in Wuse Zone 4 Abuja, confirmed that he sold the dollar at N1,130 and bought it at N1,140 on Tuesday.

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.

VAM News recalls that the naira has been fluctuating in the FX market since CBN introduced reforms in June this year.