Naira Declines Slightly to N882.24/$1 as Forex Turnover Hits $56.60 Million in Official Market

Naira Declines Slightly to N882.24/$1 as Forex Turnover Hits $56.60 Million in Official Market

The Nigerian naira experienced a slight decline against the US dollar on January 24, 2024, in both the official and black markets. The official exchange rate closed at N882.24 per dollar, representing a 0.41% depreciation compared to the previous day’s rate. Forex turnover in the official market was $56.60 million, a 3.18% decrease from the previous day.

In the parallel forex market, the exchange rate was quoted at N1365/$1, reflecting a 0.37% decrease from the previous day. Peer-to-peer traders quoted around N1399.12/$1.

Governor of the Central Bank, Mr. Yemi Cardoso, stated that the naira is currently undervalued and the bank aims to achieve genuine price discovery in the forex market in 2024. The bank plans to implement inflation-taming policies and collaborate with the Ministry of Finance. Mr. Cardoso emphasized the need for discipline in the forex market to address any infractions and abuse.

The naira traded at N878.61 on the official market and N1360/$1 on the unofficial market, according to Nairametrics daily FX monitor. The bank’s partnership with the Ministry of Finance and NNPCL aims to increase FX reserves by ensuring the return of all foreign exchange inflow to the bank. The expected resumption of operations in the country’s three refineries is anticipated to contribute to a reduction in the pump prices of petroleum

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