The Nigerian Naira has experienced a decline in its value compared to the US dollar in the official market.
According to data from the FMDQ trading platform, the exchange rate has plummeted to N1,309.39 per dollar, marking a 0.69 percent decrease from the previous day’s rate of N1,300.43 per dollar.
Despite the decrease in exchange rate, there has been a significant surge in trading volume, with a total turnover of $857.78 million, which is more than double the previous day’s figure of $416.10 million.
In the Investor’s and Exporters’ (I&E) window, the Naira has shown fluctuations, trading within the range of N1,392 to N1,250 against the dollar.
These alterations in the forex market come amidst a series of economic adjustments and policy changes by the Central Bank of Nigeria (CBN). Notably, the CBN has raised the minimum capital requirement for commercial banks with international authorization to N500 billion, as part of its efforts to fortify the banking sector.
Furthermore, with the recent adjustment of the benchmark interest rate to 24.75%, the CBN aims to implement a tighter monetary policy to stabilize the economy.