Naira Loses ₦106.7 In 48 Hours

The naira lost N106.7 against the dollar in the last 48 hours at the official foreign exchange market.

This comes as the naira further weakened against the dollar in the foreign exchange market as FX supply dropped on Wednesday.

FMDQ data showed that the naira dropped to N 1659.69 per dollar on Wednesday from N1658.97 exchanged on Tuesday. This represents N0.72 loss.

DAILY POST recalls that on Tuesday the naira dropped significantly by N106.05 against the dollar.

Data from the World Bank showed that the naira was among the worst-performing currencies in Africa.

The only time it gained this week against the dollar was on Monday.

Fluctuations in Nigeria’s FX market have continued untamed despite interventions by the Central Bank of Nigeria, CBN.

Meanwhile, Yemi Cardoso, the Governor of CBN, who spoke at the House of Representatives Committee on Banking Regulations said Nigeria has enough in its external reserves, which stood at $39.12 billion.

Source:- Dailypostng