Market News
Naira Depreciates To N1,656.49/$1 On Official Market - NEW TELEGRAPH
The naira weakened on the official market on Tuesday, dropping to N1,656.49/$1 compared to N1,546.41/$1 on Friday, data from FMDQ shows.
New Telegraph’s analysis of the FMDQ data indicates that the naira maintained a downward trend for most part of last week.
For instance, the local currency depreciated on the official market to N1,611.34/$1, N1,625.88/$1 and N1,639.41/$1 on Tuesday, Wednesday and Thursday respectively.
The naira has also been under pressure on the parallel market in recent days, as it eased to N1,650 per dollar on Tuesday, compared to N1,630/$1 on the previous day.
New Telegraph reports that in its bid to ensure exchange rate stability, the apex bank significantly increased its interventions in the official market between July and August.
For instance, the local currency depreciated on the official market to N1,611.34/$1, N1,625.88/$1 and N1,639.41/$1 on Tuesday, Wednesday and Thursday respectively.
The naira has also been under pressure on the parallel market in recent days, as it eased to N1,650 per dollar on Tuesday, compared to N1,630/$1 on the previous day.
New Telegraph reports that in its bid to ensure exchange rate stability, the apex bank significantly increased its interventions in the official market between July and August.
