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The naira has returned to depreciation ways against the dollar at the foreign exchange market on Wednesday as FX supply dropped.
FMDQ data showed that it slightly depreciated to ₦1,631.17 per dollar on Wednesday from the ₦1,630.35 exchange rate on Tuesday.
Read Also: Oil Sector Stability Guaranteed By Naira Trade – Tinubu
This represents a marginal N0.80 loss against the dollar compared to N1630.35 traded the precious day.
Similarly, at the black market, it fell to N1,750 per dollar on Wednesday from N1,748 exchanged on Tuesday.
This comes as foreign exchange transaction turnover declined to $128.98 million in the period under review from $242.59 million recorded the previous day.
The depreciation comes barely 24-hours after the naira appreciated against the dollar on Tuesday.
In the past months, the Naira had continued to fluctuate against the Dollar despite interventions by the Central Bank of Nigeria.
Meanwhile, the World Bank recently urged the Central Bank of Nigeria to refrain from intervening in the country’s FX market through FX auctions.
In other news, the Senate has voiced strong concerns regarding the delays in processing insurance benefits for both deceased and retired military personnel. Lawmakers are urging the military to expedite these payments, emphasizing that timely financial support is essential for the families and veterans who have sacrificed for their country.
The Senate unequivocally stated that 174 families associated with the Nigerian Air Force (NAF) are currently facing significant hardships due to payment delays, describing the situation as unacceptable.
This acknowledgment calls for immediate action to rectify the systemic issues affecting the disbursement of benefits and to uphold the dignity of those who have served.
In light of these developments, the Senate intervened to stop NAF officers, led by Wing Commander Mohammed Saleh, from arresting Master Warrant Rukayat Ishola. Ishola had previously petitioned the Senate regarding the overdue insurance benefits for her late husband, Warrant Officer Daramola Taiwo, who died in April 2016, and alleged maltreatment by airforce authorities in the aftermath of his death.
