Wed, 24 Jul 2024

 

Naira Suffers pushback amid Fresh CBN rescue attempt
 
By: News Editor
Mon, 13 Nov 2023   ||   Nigeria,
 

After experiencing a rebound for a few days where it appreciated to N950/$ at the parallel market, otherwise known as the black market, the naira seems to have surrendered to pressure in the for­eign exchange market as it depreciated massively against the US dollar both in the official and parallel markets.

The naira declined to a record low for the second time in about two weeks on Friday as the currency continued its wide swings in a bid to find a market level.

It declined 14 percent on the of­ficial market to close at N996.75 to the dollar, the lowest it has traded on record.

It was the steepest single-day loss since October 30, when it weakened 25 percent to N993.82 per dollar before rallying 18 per­cent the next day.

At the parallel market, there was renewed pressure on the foreign exchange (FX) market intensified on Wednesday as the naira fell to 1,140 per dollar.

This represents 8.91 percent depreciation against the dollar when compared with an average of N1,046.66 exchanged on Tues­day.

The naira on Tuesday fell to an average rate of N1,046.66 per dol­lar following a shortage of dollars on the black market.

 

 

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