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.