MARKET NEWS
Naira Weakens Further To N1,586.71/$1 On Official Market - NEW TELEGRAPH
The naira depreciated against the dollar on the official market on Wednesday, closing at N1,586.71/$1 compared to N1,548.76/$1 on Tuesday, data from FMDQ shows.
Analysts note that the naira weakened despite the Central Bank of Nigeria’s (CBN) interventions in the forex market in recent weeks.
Specifically, the apex bank sold a total of $122.7 million to authorised dealers on July 10 and July 11. Also, last Thursday, it issued a circular, in which it announced that it had approved the sale of the sum of $20,000 to each eligible Bureau De Change (BDC) at the rate of N1,450/$1.
It said that the rate represents the lower band of the trading rate at the Nigerian Autonomous Foreign Exchange Market (NAFEM) in the previous trading day.
Similarly, on Friday, the CBN announced that had injected additional liquidity into the forex market with its sale of a total sum of $106.5 million forex to 29 authorized dealer banks between Thursday, July 18 and Friday, July 19, 2024.
According to a circular issued by the apex bank, the amounts were sold at an exchange rate range of NI,498.00/$1 to NI,530.00/$1.
The statement also said the CBN bought $9000,500 from four authorized dealer banks at rates between NI,510.00/$1 and NI,550.00/$1.