The naira dropped ₦64.50, according to data from the FMDQ Exchange, the official trading platform that regulates the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Compared to the last trading day on Friday, April 19, when it traded at ₦1,169.99 to the dollar, this is a 5.51% loss. On the other hand, the overall daily turnover rose from 86.68 million dollars on Friday to 110.17 million dollars on Monday.
In the meantime, the naira fluctuated in value versus the dollar in the Investors and Exporters (I&E) window, moving between ₦1,295.00 and ₦1,051.00. On Saturday, April 20, 2024, CBN Governor Yemi Cardoso stated that the central bank was making every effort to attain a steady currency rate.
According to him, the top bank was also making efforts to guarantee that the exchange rate reached a satisfactory degree of price discovery.
According to Cardoso, the naira is now the best-performing currency in the world as a result of the CBN’s foreign exchange reforms.
During the World Bank Group and International Monetary Fund (IMF) annual meeting, he addressed a press conference.