Again, Naira depreciates by N64 against Dollar at forex market

Again, the Naira lost N64.5 against the US dollar in the foreign exchange market.

FMDQ data indicated that the Naira depreciated to N1,234.49 per US dollar on Monday compared to N1,169.99 on Friday.

FMDQ data indicated that the Naira depreciated to N1,169.99 per Dollar at the foreign exchange market on Friday compared to N1,154.08 on Thursday.

Similarly, the parallel forex market tumbled to N1200 per Dollar on Monday from N1,100 on Friday.

The development comes after the Naira depreciated three times last week after months of gains.

Recall that the Economic and Financial Crime Commission resumed clamping down on cryptocurrency platforms in Nigeria amid the recent rise of the Dollar in the FX market.

Although analysts blamed the depletion of Nigeria’s foreign reserves for the Naira depreciation, the Central Bank of Nigeria, Governor Olayemi Cardoso, said it is due to foreign loan repayment.

As of April 15, the country’s FX reserves dropped to $32.29 billion.