Market News

Naira’s depreciation against US dollar continues - DAILY POST

FEBRUARY 20, 2024

By Ogaga Ariemu

The naira crashed to an all-time low against the US dollar, at the official and parallel foreign exchange markets, worsening the nation’s FX crisis.

Data from FMDQ showed that the naira depreciated from N1,574.62 per US dollar on Monday to N1,537.96 on Friday last week.

This represents a N36.66 or 2.3 per cent loss compared to the N1,537.96 recorded at the close of trading on Friday.

Similarly, at the parallel market, the naira dropped to N1,660 per US dollar on Monday from N1,590 on Friday.

Dayyabu Mistila, a Bureau De Change operator, confirmed the development to DAILY POST on Monday.

The development comes amid a clampdown on illegal Bureau De Change operators by officers of the Economic and Financial Crimes Commission, EFCC, and the arrest of 50 in Wuse Zone 4 Abuja on Monday.

Meanwhile, the depreciation of the FX markets came despite the Central Bank of Nigeria’s introduction of new guidelines on Wednesday last week, stopping the payout of Personal Travel Allowance, PTA, and Business Travel Allowance, BTA, in cash.

At the same time, the apex bank stopped international oil companies, IOCs, operating in Nigeria from repatriating 100 per cent of their forex revenue.

DAILY POST learned that the efforts by the CBN and the Nigerian government are yet to stem the continued fluctuations and free fall of the naira against the US dollar and other foreign currencies at the forex market.


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