Naira slumps again against US Dollar at forex market

The Naira depreciated significantly for a consecutive time against the US Dollar in the foreign exchange market.

Data from FMDQ showed that the Naira dropped to N931.23 per US dollar on Wednesday from N878.57 per Dollar on Tuesday.

The figure represents a N52.72 loss or a 6 per cent decrease in the local currency compared to the N878.57 it closed on Tuesday.

In this vein, the Naira sank at the parallel forex market at N1320 per dollar, representing a 3.03 per cent decrease over what it closed the previous day,

The development comes amid the Central Bank of Nigeria's warning to foreign exchange defaulters.

In a statement on Wednesday by the CBN Acting Director, Corporate Communications Department, Sidi Ali, the bank said it had cleared the entire forex backlog of 14 banks and injected approximately $2 billion across sectors.