The Naira depreciated to N1,510/$ in the parallel market but appreciated to N1,482.81/$ at the official window. Central Bank Governor Olayemi Cardoso emphasized ongoing reforms and the need for stakeholder cooperation to address economic challenges and inflation, aiming to improve the livelihood of all Nigerians.
The Naira is experiencing a dual trajectory. On Friday, the Naira depreciated to N1,510 against the dollar in the parallel market, a 0.33 percent decline from N1,505/$ reported on May 22. Currency traders in Lagos, known as street traders, quoted the buying rate of the Naira at N1,485/$ and the selling rate at N1,510/$, reflecting a profit margin of N25.
Conversely, at the official window, the Naira appreciated by 0.19 percent against the dollar, closing at N1,482.81 from N1,485.66/$ on May 23. According to FMDQ Exchange, a platform that oversees the official market, the dollar traded as high as N1,511 and as low as N1,400 during trading hours. The daily foreign exchange market turnover was $556.25 million.
Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), addressed the ongoing monetary and fiscal reforms, assuring that the challenges faced by Nigerians due to these reforms will soon be alleviated. "As the Governor of the Central Bank of Nigeria, I remain committed to repositioning the bank to deliver meaningful data-driven and sustainable solutions with a clear positive impact on the livelihood of all Nigerians," Cardoso stated. He emphasized the necessity for all stakeholders, especially monetary and fiscal authorities, to work in harmony to address these challenges.
Cardoso further affirmed that the CBN will continue to implement bold reforms aimed at making the economy more resilient for all Nigerians. The apex bank has begun tightening monetary policy to combat inflationary pressures and generate favorable economic outcomes.
