BREAKING: Naira Vs Dollar Remains Above N1500/$1 For 6th Straight Day

BREAKING: Naira Vs Dollar Remains Above N1500/$1 For 6th Straight Day—-The intra-day high between the naira and dollar sold for N1,519/$1 on Tuesday as forex turnover dropped by 20.26% to $465.29 as the Nigerian naira dropped against the dollar marginally on Tuesday, February 6th, 2024, in the official market.

Despite the drop at the close of trading today, the forex turnover has been on the rise in recent times following the Central Bank of Nigeria’s (CBN) recent release of a new circular to address suspected cases of excessive foreign currency speculation and hoarding from Nigerian banks.

The new circular introduces a set of guidelines aimed at reducing the risks associated with these practices.

The circular, titled “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks,” highlights the CBN’s concerns over the growing trend of banks holding large foreign currency positions.

Meanwhile, the domestic currency depreciated 0.98% to close at N1433.89 to a dollar at the close of business, based on data from NAFEM where forex is officially traded.

 

Developing Story…..