The naira has continued its depreciation against the US dollar. As of Monday, Nigerians were forced to pay N610 for a dollar in Lagos.
The Naira received a depreciation of N2 compared to its exchange rate of N606 to a dollar on Tuesday.
This will again cast doubt on the Central Bank of Nigeria’s decision to stop selling forex to BDCs.
A similar outcome befell the Naira on the Investors and Exporters window of the forex market, which is considered the official market.
On Wednesday, FMDQ securities, where the Naira is officially traded, reported that the local currency depreciated against the dollar by 0.12 per cent, or 50 kobo, to trade at N418.50/$1, compared with the previous day’s rate of N418.15.
Naira’s depreciation happened amid a decline in the FX turnover for the day by 50.6 per cent or $118.76 million to $115.78 million from the $234.54 million reported a day earlier.
CBN currency watch data also revealed that against the Euro, it depreciated by 21 kobo to close at N438.91/€1 in contrast to Tuesday’s value of N438.70/€1.
However, Naira appreciated by 33 kobo against the Pound Sterling to close at N514.42/£1 compared to the previously traded rate of N514.09/£1.
Alleluia is the Assistant Editor and Content Writer at LagosPost.ng. She is a prolific writer and editor, she has written features and news stories on Lifestyle, Sports, Business, Politics and B2B marketing. She is also an event coordinator, host and social media content creator.
