Naira depreciation persists in interbank, parallel market

The Naira fell to an all time low against the dollar at the interbank and parallel exchange markets despite measures announced by the Central Bank of Nigeria (CBN).

At the interbank market, the Naira lost another 160 kobo against the dollar as the interbank rate rose to an all time high of N178.70 per dollar. Consequently, the naira depreciated by N13.05 or 7.87 percent against the dollar in November.

Similarly at the parallel market, the Naira lost N17 against the British Pounds Sterling, as N190 exchanged for one pound as at the end of Friday from N173 the previous week.

Foreign exchange dealers attributed the continued depreciation of the dollar to inadequate supply in the market. The inadequate supply it was gathered is being a

Naira falls 55k against dollar amidst CBN’s defense

In spite of the Central Bank of Nigeria (CBN)’s intervention through foreign exchange auction, the nation’s currency naira on Monday weakened by N0.55k against the US dollar at the inter-bank market.

The CBN on Monday offered a total of $350 million but sold a total of $349.9 to 22 deposit money banks at rate of N155.75/$ at its twice weekly Dutch Auction System (RDAS).

Consequently, the local currency on Monday closed at N163.85/$ as against N163.30 on Friday last week, according data obtained from Financial Markets Dealers Quotation (FMDQ).

Analysts had anticipated sustained pressure on the local currency this week in spite of expected dollar sales from oil companies.

“Dollar demand from politicians holding their assets in hard currency ahead of elections next year has increased pressure on the local currency,” one dealer told Reuters.