Naira depreciates further against Dollar at official market

The Nigerian currency, Naira, made it four straight days of depreciation on Monday evening as it depreciated against the Dollar at the official market.

According to data from FMDQ securities, where Naira is officially traded, on Monday, the Nigerian currency depreciated against the dollar to close at N436.50/$.

The figure represents a decrease of 0.04 per cent compared with N436.33 to the dollar recorded on Friday, Sept. 9.

Similarly, according to traders on the parallel market, Naira exchanged at N705 per dollar.

Meanwhile, the Central Bank of Nigeria has revealed it intervened in the forex market with $7.6 billion sales to authorised FOREX dealers from January to May to help stabilise the Naira.

The apex bank said this in its monthly economic reports for May 2022.

CBN report reads: “Total foreign exchange sales to authorised dealers by the bank were $1.18 billion, a decrease of 24.4 percent below $1.56 billion in April.”

The report breakdown shows that $1.65 billion and $1.39 billion were sold in January and February, respectively.

Another $1.82 billion in March, $1.56 billion in April and $1.18 billion in May 2022.