Naira Falls To N1,234 Per Dollar At Official Market.

Naira depreciated in its value against the United States dollar to N1,234 at the official foreign exchange market.

FMDQ securities exchange said, the exchange rate means the naira fell by N65 or 5.26 and the local currency had strengthened as traders projected the naira could trade below N1,000 per dollar for the first time.

However, the latest drop appears to coincide with the remarks of the apex bank Governor, Yemi Cardoso, said, the intent of the bank was not to defend the Naira, when asked about the sudden drop in external reserves, while, Nigeria’s foreign exchange reserves have maintained a one-month dip streak.

But the CBN governor at the International Monetary Fund and World Bank Spring Meetings said, the bank would refrain from intervening in the exchange unless unusual circumstances arose, stressing that the recent slight shift in reserves was unrelated to defending the naira.

The national currency had slumped badly in the forex market in the weeks preceding the clampdown on Binance, exchanging for as much as N1,950 in mid-February.