On Monday, the Naira fell to a record low of N1,534.39 per US dollar in the foreign exchange market.
According to FMDQ data, the Naira sank to N1,534.39 per US dollar on Monday, down from N1,469.97 on Friday.
This reflects a 4.2 percent, or N64.42, depreciation from N1,469.97 at the close of trading on Tuesday.
With the development, the Naira has returned to the exchange rate it traded on Monday, January 29, when the Central Bank of Nigeria implemented ‘Financial Markets Price Transparency and Market Notice of a Revision to the FMDQ FX Market Rate Pricing Methodology’, among other changes.
Similarly, the Naira rose to N1,495 per dollar on Monday from N1,490 on Friday.
Meanwhile, Olayemi Cardoso, the governor of the Central Bank of Nigeria, pledged exchange rate stability during a meeting with the Senate Joint Committee on Banking, Insurance, and Financial Institutions in Abuja on Friday.