Naira loses N112.38 against US dollar in April 2024
10% depreciation against the dollar in the period under review
Naira traded at N1,390.96 per dollar on April 30, compared to N1,278.58 per dollar at the beginning of the month
Despite Early Gains, Naira Experiences Month-on-Month Decline
Naira recorded a 12% gain against the dollar in the first 12 days of April
Added to its 14% surge in March, earning it the title of best performing currency by Goldman Sachs.
However, losses in the second half of April resulted in a month-on-month decline
CBN Governor Olayemi Cardoso Promises to Address Naira Instability
Apex bank planning policies to tackle Naira’s instability in the forex market
– Efforts aimed at stabilizing the currency and improving the economy
This development comes as the Nigeria Customs Service (NCS) adjusts the foreign exchange (FX) rate for import duties to N1,373.64 per dollar, a 19.4% increase from N1,150.1/$ . The NCS rate remains below the official foreign exchange rate, which closed at N1,390/$ on April 30 .
