Fatshimetrie has recently released data from the official trading platform of the FMDQ Exchange, which supervises the Nigerian Autonomous Foreign Exchange Market (NAFEM). The data reveals a depreciation of the naira by ₦64.50, representing a 5.51% decline from the previous trading session on Friday, April 19, where the exchange rate stood at ₦1,169.99 per dollar.
Despite the loss in value, the total daily trading volume surged to $110.17 million on Monday compared to $86.68 million recorded on Friday.
Furthermore, in the Investors and Exporters (I&E) market, the naira was exchanged between ₦1,295.00 and ₦1,051.00 against the dollar.
During a press conference at the annual meeting of the International Monetary Fund (IMF) and the World Bank Group, Yemi Cardoso, the Governor of the Central Bank of Nigeria, assured the public that the central bank is committed to ensuring a stable exchange rate. Cardoso emphasized that the central bank is striving to determine an appropriate level of price discovery in the exchange rate.
Cardoso boasted that the Central Bank’s foreign exchange reforms have led to the naira being recognized as the best performing currency globally.
In conclusion, Nigeria’s unpredictable foreign exchange market continues to present challenges, but the Central Bank’s efforts to stabilize the exchange rate and foster sustainable economic growth seem to be yielding positive results.
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