The Naira Reverses a Two-day Rise And Falls by N80 Against The US Dollar
The Nigerian Naira has lost ground against the US dollar since Friday last week.
According to the most recent data, the Nigerian naira declined against the US dollar in all foreign exchange markets.
According to FMDQ securities, the Naira at NAFEM closed at N830.97 against the US dollar. This is a 10.8 percent or N80.83 depreciation from the rate of N750.14/$1 on Monday, November 20.
The Nigerian currency is dropping as FX supply falls by 30.7 percent, or $54.29 million, to $112.46 million from $176.75 million the day before.
The drop followed the Central Bank of Nigeria‘s decision to postpone its Monetary Policy Meeting (MPM) scheduled for Monday and Tuesday.