News
Again Naira depreciates against US Dollar as FX supply drops by 74% amid CBN interventions
Again Naira depreciates against US Dollar as FX supply drops by 74% amid CBN interventions
The Naira depreciated significantly against the US dollar at the close of work on Friday.
This is as FX supply turnover dropped by 74 per cent to $84.10 million despite the Central Bank of Nigeria’s recent interventions.
Data from FMDQ showed that the Naira depreciated to N1,537.96 per US dollar on Friday from N1,498.25 on Thursday.
This represents a N39.71 or a 2.6 per cent loss compared to N1,498.25 recorded at the close of trading on Thursday.
Meanwhile, at the Parallel Market, Naira dropped to N1,590 per US Dollar on Friday from N1,575.00 on Thursday.
In the last week, the Forex fluctuations have continued. On Monday, the Naira traded at N1,534.39 per US dollar at the official FX market; on Tuesday, it traded at N1,499.07; it was N1503.38 on Wednesday; and on Thursday, the currency traded at N1,498.25.
The depreciation recorded at both FX markets came amid CBN’s introduction of new guidelines on Wednesday, stopping the payout of Personal Travel Allowance, PTA and Business Travel Allowance, BTA in cash.
Similarly, the apex bank stopped International Oil Companies (IOCs) operating in Nigeria from repatriating 100 per cent of their forex revenue.
-
Music2 years ago
Download Music: Professor Linkin Jogodo Master ft N-Say -Enemies Come Late
-
Entertainment7 months ago
Platform Crowdfunding PLC unveils Basketface TV Reality Show
-
Entertainment8 months ago
Davido responds after his former signee singer Lhil Frosh begs for a second chance
-
Music1 year ago
Download Music: Raymond King – Blessing Follow Me
-
Entertainment7 months ago
Photos: Rapper Kanye West’s wife Bianca Censori wears a very risqué underwear-free bodysuit to Milan Fashion Week
-
Entertainment7 months ago
Fuji star Pasuma reveals when he’ll get married