Business

Naira Lost N169 Against Dollar In Seven Days

This is compared to N1309.88 on Thursday, reflecting a daily depreciation of N29.35.

By Johnson Atoukudu

The naira experienced a significant depreciation against the US dollar last week. According to FMDQ data, the Nigerian currency fell to N1339.23 per dollar in the foreign exchange market on Friday, marking the eighth consecutive day of depreciation.

This is compared to N1309.88 on Thursday, reflecting a daily depreciation of N29.35. In the parallel market, the naira also declined to N1,380 per dollar on Friday from N1,370 on Thursday, resulting in a weekly slump of N210 compared to the N1,170 rate from the previous Friday.

Despite the Central Bank of Nigeria’s intervention, which involved releasing 10,000 dollars to Bureau De Change (BDC) operators at a rate of N1,021 to a dollar, with a condition to sell at a maximum of 1.5 per cent markup, the naira continued to depreciate. This intervention is the third in recent times as part of the bank’s efforts to support the naira.

BDC operators attributed the recent depreciation of the naira to peer-to-peer cryptocurrency platforms such as Binance.

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