Within the previous week, the naira experienced depreciation against the dollar on three separate occasions in the foreign exchange market.
According to data from FMDQ, the naira’s value dropped to N1,169.99 per dollar on Friday, down from N1,154.08 on Thursday.
This indicates a decrease of N15.91 compared to the previous day’s rate.
The first depreciation happened on Tuesday following a period of consistent appreciation for the naira against the dollar.
Subsequently, there was another decline on Thursday with the naira losing N81 against the dollar.
Despite the setbacks, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, expressed confidence that the naira’s value can be maintained through adequate liquidity in the foreign exchange market.
While analysts attributed the naira’s depreciation to the shrinking foreign reserves of Nigeria, Cardoso attributed it to repayments of foreign loans.
As of April 15, the country’s foreign exchange reserves had decreased to $32.29 billion.