{"id":125485,"date":"2024-07-24T21:25:41","date_gmt":"2024-07-24T20:25:41","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/naira-depreciates-further-on-forex-market"},"modified":"2024-07-24T22:45:02","modified_gmt":"2024-07-24T21:45:02","slug":"naira-depreciates-further-on-forex-market","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-depreciates-further-on-forex-market","title":{"rendered":"Naira depreciates further on forex market"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>The dollar-to-naira exchange rate continued its depreciation at the foreign exchange market on Monday.<\/p>\n<p>FMDQ data showed that the Nigerian currency depreciated to N1586.71 against the dollar on Wednesday from N1548.76 on Tuesday.<\/p>\n<p>This represents a loss of N37.95.<\/p>\n<p>Similarly, at the black market, the naira weakened further to N1,585 per dollar on Wednesday from N1,580 the previous day.<\/p>\n<p>The naira has been on a depreciation streak since last week, despite the Central Bank of Nigeria\u2019s release of foreign exchange to authorised dealers.<\/p>\n<p>Bismarck Rewane, Chief Executive of Financial Derivatives, in a recent interview with Channels TV, described the sharp decline of the naira as<\/p>\n<p>a reaction to CBN\u2019s interest rate hike by 50 basis points to 26.75 per cent on Tuesday.<\/p>\n<p>CBN last week disclosed that the country\u2019s foreign exchange is under pressure due to a surge in demand amid the summer holidays.<\/p>\n<p><strong>For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. The dollar-to-naira exchange rate continued its depreciation at the foreign exchange market on Monday. FMDQ data showed that the Nigerian currency depreciated to N1586.71 against the dollar on Wednesday from N1548.76 on Tuesday. This represents a loss of N37.95. Similarly, at the black market, the naira weakened further to N1,585 per dollar [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":125484,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1621,1623,254],"class_list":["post-125485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-dollar","tag-naira","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Naira depreciates further on forex market - Nigeria<\/title>\n<meta name=\"description\" content=\"The dollar-to-naira exchange rate continued its depreciation at the foreign exchange market on Monday. 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