Lagos, Aug. 21, 2024 – Nigeria’s currency, Naira, depreciated further against the dollar at the official segment of the foreign exchange market on Tuesday, trading at N1,592.06 to the dollar.
The currency was traded at N1579.22 to the dollar at the segment on Monday.
The naira also depreciated to an average of N1,615 at black market outlets in Lagos on Tuesday from N1,610 on Monday.
The depreciation of naira against dollar on Tuesday was in spite of the increased inflow of foreign exchange remittances reported on Tuesday.
The Central Bank of Nigeria (CBN) reported an unprecedented increase inflow of $553 million inflow of foreign exchange remittance in July.
It said this represented a130% increase over the amount recorded in same period in 2023.
Hakama Sidi Ali. the CBN Acting Director of Corporate Communications, announced this, attributing it to the success of CBN’s recent monetary policy initiatives.
“The increase in remittances is a strong testament to the success of the CBN’s ongoing efforts to bolster public confidence in the foreign exchange market, strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth,” she said. (GBN)
