Naira depreciates as central bank moves to intervene again

The naira on Wednesday depreciated sharply to N465 per dollar in the parallel market due to upsurge in demand for dollars importers travelling to China.

Investigations revealed that the parallel market exchange rate rose from N448 per dollar on Tuesday to close at N465 per dollar at the close of business on Wednesday, indicating N17 depreciation.

CBN Takes Battle to Speculators, Pumps Additional $350m to Energise Naira

As part of its resolve to sustain the positive momentum in the foreign exchange (FX) market, the Central Bank of Nigeria (CBN) again pumped additional $350 million into the market this weekend.
This will take the total amount supplied to the market by the central bank this week alone to a total to $570 million and may further crash the value of the dollar. The Naira traded between N450 and N460 to a dollar at some parallel market points in Lagos.
The move, which is part of the central bank’s strategy, is expected to further strengthen the value of the Naira.