Naira crashes to N1,534 against US dollar at foreign market

The Naira depreciated to a record low of N1,534.39 against the US dollar at the foreign exchange market on Monday.

Data from FMDQ showed that the Naira dropped to N1,534.39 per US dollar on Monday from N1,469.97 on Friday.

This represents a 4.2 per cent or N64.42 depreciation compared to N1,469.97 recorded at the close of trading on Tuesday.

With the development, the Naira is back to the exchange rate it traded on Monday, January 29, when the Central Bank of Nigeria introduced ‘Financial Markets Price Transparency and Market Notice of a Revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms.

Similarly, at the Parallel Market, Naira increased to N1,495 per Dollar on Monday from N1,490 on Friday.

Meanwhile, the Central of Nigeria governor, Olayemi Cardoso, assured exchange rate stability when he spoke at an interface with the Senate Joint Committee on Banking, Insurance and Financial Institutions in Abuja on Friday.