nigerian On Monday, the currency depreciated against the dollar as liquidity in the foreign exchange (FX) market decreased by 18.72% on the official market.
The foreign exchange market on Monday closed at 778.80 naira to the dollar, compared to 764.86 naira to the dollar traded on Friday at the foreign exchange counter of Investors and Exporters (I&E), Nigeria’s official foreign exchange market. .
Daily foreign exchange market volume, which reflects market liquidity and trading levels, fell $18.72 on Monday to $43.09 billion from $53.02 billion on Friday, according to data obtained from FMDQ. became.
The local currency has been stable since Friday at N1,049 to the dollar in the parallel market, also known as the black market.
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The Central Bank of Nigeria (CBN) said it will increase liquidity in the Nigerian foreign exchange market by intervening from time to time as part of its responsibility to ensure price stability.
“These CBN interventions will gradually reduce as market liquidity improves,” the CBN said.
The Central Bank of Nigeria said it will continue to promote orderly and professional conduct by all participants in the Nigerian foreign exchange market so that market forces determine exchange rates based on the buyer-seller principle.
The CBN requires reference of prevailing exchange rates from platforms such as the CBN website, FMDQ, and other authorized or designated trading systems to facilitate price discovery, transparency, and reliability of exchange rates. I reiterate that.
