Naira weakens to N1608/$
The depreciation of the naira continued yesterday as the local currency weakened to close at N1608 to one dollar. On Tuesday, the currency lost N1 to close at N1606.64 to a dollar at the Nigerian foreign exchange market (NFEM). According to data from the Central Bank of Nigeria (CBN), naira lost about N3 per US […]
The depreciation of the naira continued yesterday as the local currency weakened to close at N1608 to one dollar.
On Tuesday, the currency lost N1 to close at N1606.64 to a dollar at the Nigerian foreign exchange market (NFEM).
According to data from the Central Bank of Nigeria (CBN), naira lost about N3 per US dollar on Monday to close at N1605.62 from N1602.18 on Friday.
However, the depreciation continued yesterday as the naira to dollar exchange closed with 1,608,60.
- Zulum bans alcohol sale, accuses security personnel of aiding criminalities
- A Very Dark Man and a Very Red Herring
As the data indicated, the exchange rate peaked at the highest rate of 1,615 during the day before it further eased.
This is coming amidst what analysts call high forex demand amidst short supply.
Also, the local currency also depreciated at the parallel market to N1,610 from N1,605 in the previous day.
According to AIICO Capital in its daily financial market analysis, “high FX demand met limited supply; exporters provided main inflows.”
USD/NGN traded between ₦1,605.01–₦1,615.00, with the naira weakening 12bps to ₦1,608.6036.