April Sees Naira’s Depreciation of N112 Against Dollar in Forex Market
Within the forex market in April 2024, the Naira experienced a decrease of N112.38 against the US dollar.
According to data from FMDQ, the Naira was trading at N1,390.96 per dollar on Tuesday, April 30th, compared to N1,278.58 per dollar at the month's onset.
This indicates a 10% devaluation against the dollar during the reviewed period.
Despite the Naira's impressive 12% appreciation against the dollar in the first 12 days of April, following a significant 14% rise in March, the currency ultimately experienced a setback in the latter half of the month.
Subsequently, Goldman Sachs labeled the Naira as the top performing currency.
However, the losses incurred in the latter part of April resulted in a decline on a month-to-month basis.
Meanwhile, Olayemi Cardoso, the governor of the Cen...