The naira weakened to N1,507.83 per dollar in the official market. Central Bank Governor Yemi Cardoso expressed optimism about managing currency volatility, citing recent stability and significant foreign exchange inflows.
The Nigerian naira weakened to N1,507.83 per dollar at the official market on Wednesday, compared to N1,500.79 on Tuesday. This represents a 0.71% depreciation from Monday’s rate of N1,490.20, as reported by the Nigerian Autonomous Foreign Exchange Market (NAFEM) and FMDQ Securities Exchange Limited.
In the parallel market, the naira also depreciated, closing at N1,488 per dollar on Wednesday, down from N1,484 on Tuesday.
Central Bank Governor Yemi Cardoso commented on the currency's volatility in an interview with Bloomberg TV on Tuesday. Speaking from London, Cardoso expressed optimism about the country's ability to manage the currency crisis, noting significant progress in recent months.
“We are relatively pleased with how far we’ve gotten now. In the past two to three weeks after a period of volatility, we’ve seen a lot of stability in the market,” Cardoso stated. He emphasized that the bank is committed to continuing efforts to stabilize the naira through various macroeconomic policies.
In June 2024, Nigeria saw substantial foreign exchange inflows, totaling about $5.95 billion from the World Bank and Afreximbank. These inflows are crucial for bolstering the economy, as foreign currency from exports and other sources supports economic stability.
Cardoso assured that while challenges remain, the Central Bank's strategic measures aim to mitigate volatility and enhance market stability. The focus remains on implementing sound economic policies to ensure sustained improvements in the foreign exchange market.
