Naira Depreciates Despite CBN’s Efforts

Naira Faces Further Decline at Official and Parallel Markets
Naira Faces Further Decline at Official and Parallel Markets

The Naira’s value has continued to “free fall” against the Dollar, despite efforts by the Central Bank of Nigeria to stabilize it.

Data from FMDQ shows the Naira declined from “N1508.99 on Monday to N1509.45 against the Dollar on Tuesday”, indicating a “N0.46 loss”.

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Yesterday, the parallel market saw the Naira trade at “N1515 against the Dollar”, while the official FX market recorded a “FOREX transactions turnover of $213.31 million”.

This development comes after the Central Bank of Nigeria warned banks and licensed Bureau De Change operators to accept “all denominations of Dollar notes, including lower and older ones”.

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