• Saturday, May 18, 2024
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Naira loses 0.30% as FX trading resumes Monday

Dollar bond seen bolstering or battering naira

The Naira has lost 0.30 per cent of its value against the dollar as the foreign exchange (FX) market resumed trading Monday after the weekend.

Data from abokifx and some street traders showed that one dollar currently trades at N998, weaker than N995/$1 traded on Friday at the parallel market.

At the Investors’ and Exporters’ (I&E) forex window, Nigeria’s official foreign exchange market, the naira depreciated by 1.32 per cent as one dollar was quoted at N747.76 on Friday as against N738.00/$1 quoted on Thursday.

Read also Naira pains exceed gains on weak CBN FX reform

The continued naira depreciation has been attributed to strong demand for the greenback. Also, fiscal policies, external trade, and global market trends, including inflation rates, interest rates, policy events, and geopolitical factors, are key influencers affecting the Naira’s performance, according to Stears Africa FX Monitor, a data and intelligence company.

On Thursday, Nigeria’s Central Bank postponed a rate-setting meeting, known as the Monetary Policy Committee (MPC), scheduled for Sept 25-26.

A statement from the apex bank on Friday noted that Olayemi Cardoso, the new CBN governor who was recently nominated by President Bola Ahmed Tinubu, formally assumed duty, in an acting capacity, as the Governor of the CBN, pending his confirmation by the Senate.