On Friday, the Nigerian naira experienced a slight depreciation, reaching N927.19 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), which serves as the country’s official exchange rate platform.
This reflects an 11.40 percent decrease compared to the previous day’s rate of N832.32.
Data sourced from FMDQ Securities Exchange, the overseeing body for foreign exchange (FX) trading in Nigeria, reveals that the local currency saw an intra-day trading high of N1,160 and a low of N701.
Transactions commenced at N815 to the dollar and concluded at N927.19, with a daily turnover of $110.14 million at the official window.
In the context of this, Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), emphasized his commitment, along with his team, to stabilizing the naira and curbing inflation.
“We have critically reviewed the effectiveness of the central bank’s monetary policy tools and have spent time fixing the transmission mechanism to ensure the decisions of MPC meetings result in desired objectives,” he said.
“For quite some time, there has been a dislocation of our monetary transmission mechanisms rendering the MPC meetings largely ineffective.”
Cardoso said the measures have already started to yield results, as excess liquidity in the banking system has significantly reduced.
