The naira, the currency of Nigeria, fell on the foreign exchange market on Wednesday in relation to the US dollar.
According to official data from FMDQ, the value of the national currency declined from N830.97 to N840.53 against the US dollar at the end of business on Wednesday.
The amount shows a N9.56 devaluation from the exchange rate at Tuesday’s closing of business.
Since last week, the nation’s currency has declined twice on the official foreign exchange market.
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In a same vein, on Wednesday, Naira traded at N1,150/$1 at the Parallel Market, up from N1,130/$1 on Tuesday.
The nation’s FX turnover rose to $198.21 million, a 61.86 percent increase.
The event occurred after Dr. Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), neglected to call a meeting of the Monetary Policy Committee for the second time in two months.
The naira has fluctuated in the foreign exchange market since the CBN implemented reforms in June of this year, according to Anaedoonline.ng.
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