Naira Continues to Weaken Against Dollar, Falling by N169 in a Week | #NwokeukwuMascot

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 Naira Notes 

In the foreign exchange market, the naira experienced a significant depreciation of N169.24 against the US dollar over the course of a week, according to FMDQ data. This marks the eighth consecutive decline in recent days, with the naira reaching N1339.23 per dollar on Friday, compared to N1309.88 on Thursday. This equates to a daily depreciation of N29.35.


Furthermore, the parallel market section also witnessed a decline, as the naira dropped to N1,380 per dollar on Friday from N1,370 on Thursday. This represents a weekly slump of N210 from the N1,170 it stood at the previous Friday.


Despite the efforts of the Central Bank of Nigeria, which released $10,000 to Bureau de Change (BDC) operators at a rate of N1,021 to a dollar, the depreciation of the naira continues. The BDCs have been instructed to sell at a maximum markup of 1.5 percent.


Blame for the naira's recent depreciation against the dollar has been placed on peer-to-peer cryptocurrency platforms like Binance by BDC operators. The Central Bank's interventions are aimed at stabilizing the naira amidst these challenging market conditions.

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