Market News
Naira Extends Slide, Falls To N1,625.88/$1 On Official Market - NEW TELEGRAPH
Tony Chukwunyem The naira weakened further on the official market on Wednesday, closing at N1,625.88/$1 compared to N1,611.34/$1 on Tuesday, data from FMDQ shows.
Similarly, the local currency fell against the greenback on the parallel market yesterday, as it traded at N1,645 per dollar, compared to N1,640/$1 on Tuesday, according to currency dealers, who attributed the naira’s depreciation to dollar shortage.
New Telegraph reports that Bureaux De Change (BDCs) operators have, in recent weeks, complained of not receiving adequate forex supply from the Central Bank of Nigeria (CBN).
However, between July and August, the apex bank significantly increased its interventions in the official market. On July 12, for instance, it sold foreign currencies worth $122.67 million to 46 authorised dealers.
Also, between July 17 and July 18, it sold foreign currencies worth $106.5 million to 29 authorised dealer banks. Similarly on July 22 and 23, it sold foreign currencies worth $148 million in the Nigerian foreign exchange market (NFEM) to 29 authorised dealers.
On August 7, the regulator undertook a Retail Dutch Auction System (rDAS) during which it auctioned a total sum of $876.26 million at N1,495/$1 to 26 qualified banks, which participated in the auction.
