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Naira Depreciates To N1,450/$1

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The Naira further depreciated in the parallel and official markets due to the re-emergence of speculation and hoarding on Wednesday.

It exchanged for the dollar at N1,450 in the parallel market.

In addition, some Bureaux De Change, BDCs withdrew from the Central Bank of Nigeria, CBN’s, dollar sales program.

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The Naira further depreciated to N1,435 per dollar in the parallel market, from N1,415 per dollar on Tuesday.

and also depreciated to N1,421.06 per dollar in the Nigerian Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,421.06 per dollar from N1,416.57 per dollar on Tuesday, indicating N4.49 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates widened to N13.94 per dollar from N1.57 per dollar on Tuesday.

In a bid to intervene in the retail segment of the forex market, the CBN in February resumed dollar sales to BDCs.

Since then the apex bank has held three editions of the dollar. At the last edition, the CBN offered to sell $10,000 per BDCs at directing them to sell at the maximum margin of 1.5 percent.

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