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Nigerian Naira depreciates against US dollar, reaching N1,309.39 per dollar.
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Despite depreciation, trading volume surges to $857.78 million, doubling from previous day.
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Investor’s and Exporters’ window sees Naira fluctuating between N1,392 and N1,250 against dollar, amid market volatility.
EKO HOT BLOG reports that the Nigerian Naira has witnessed a decline in value against the US dollar on the official market, as per the latest data from the FMDQ trading platform. The exchange rate has reached N1,309.39 to a dollar, indicating a 0.69 percent decrease compared to the previous day’s rate of N1,300.43.
However, amidst this depreciation, there has been a notable surge in trading volume. Total turnover has spiked to $857.78 million, marking a significant increase from Wednesday’s figure of $416.10 million.
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In the Investor’s and Exporters’ (I&E) window, the Naira has exhibited fluctuations, with trading rates oscillating between N1,392 and N1,250 against the dollar.
This volatility in the forex market comes amidst various economic adjustments and policy shifts by the Central Bank of Nigeria (CBN).
Adding to the financial landscape changes, the CBN has recently announced new capital requirements for banks, significantly raising the minimum capital base for commercial banks with international authorization to N500 billion.
This move is part of the apex bank’s broader strategy to fortify the Nigerian banking sector, following its call for banks to hasten the recapitalization process to bolster the financial system.
These developments, including the adjustment of the benchmark interest rate to 24.75%, signal the CBN’s intent to tighten monetary policy in a bid to stabilize the economy.
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As the financial sector braces for these changes, the impact on borrowing costs, investment, and overall economic health remains a focal point for analysts and stakeholders.
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