Home Banking & Finance Naira continues to fall, sells at N1,080/$

Naira continues to fall, sells at N1,080/$

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On Tuesday, the Naira continued its fall against the dollar on Tuesday, depreciating to N1,080/$ in the parallel market.

This is a 4.85 per cent decline compared to the N1, 030/$ it traded on Monday.

Recall that as of Friday, the naira traded at N950/$ and has since depreciated by 13.68 per cent, losing N130 of its value against the dollar.

According to Bureaux De Change operators, it traded between N1,060/$ and N1,095/$ on Tuesday.

On the official market, details from the FMDQ OTC Securities Exchange revealed the naira depreciated by 7.53 per cent to N869.91/$ on Tuesday from N809.02/$ on Monday.

Meanwhile, the presidency has cautioned Nigerians hoarding foreign currencies to stop, warning that new government policies may shock them.

A Special Adviser to the President on Economic Matters, Dr Tope Fasua, disclosed this at the “Cowries to Cash” lecture and lunch on Tuesday in Abuja.

He disclosed that President Ahmed Bola Tinubu’s administration is working on policies to strengthen the Naira. According to Fasua, recent movements by the government towards the FX market are expected to continue.

Fasua, representing the Vice President, Kashim Shettima, at the event, said: “For those who are speculating and praying and wishing that the currency would become nonsense, I believe that the central bank is rolling out the policies and the government that I serve, led by the President, will shock some of them.”

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