Once more, Naira depreciates by N64 in opposition to Greenback at foreign exchange market

Once more, the Naira misplaced N64.5 in opposition to the US greenback within the overseas trade market.

FMDQ knowledge indicated that the Naira depreciated to N1,234.49 per US greenback on Monday in comparison with N1,169.99 on Friday.

Equally, the parallel foreign exchange market tumbled to N1200 per Greenback on Monday from N1,100 on Friday.

The event comes after the Naira depreciated thrice final week after months of positive factors.

Recall that the Financial and Monetary Crime Fee resumed clamping down on cryptocurrency platforms in Nigeria amid the current rise of the Greenback within the FX market.

Though analysts blamed the depletion of Nigeria’s overseas reserves for the Naira depreciation, the Central Financial institution of Nigeria, Governor Olayemi Cardoso, mentioned it is because of overseas mortgage reimbursement.

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