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Naira experiences a weekly loss of N169



In the foreign exchange market on Friday, the naira saw a decline of N169.24 against the US dollar.

According to FMDQ data, the Nigerian currency has depreciated for the eighth time in recent days, reaching N1339.23 per dollar at the foreign exchange market, as opposed to N1309.88 on Thursday, marking a daily decline of N29.35.

Additionally, in the parallel market segment, the naira fell to N1,380 per dollar on Friday from N1,370 on Thursday, showing a weekly drop of N210 from the N1,170 it stood at the previous Friday.

Despite the Central Bank of Nigeria releasing $10,000 to BDC at N1,021 to a dollar with a condition to sell at a maximum of 1.5%, the depreciation continued.

This marks the third intervention for BDCs as part of the bank’s measures to safeguard the naira against weakening.

BDC operators attribute the recent depreciation of the naira against the dollar in the foreign exchange market to peer-to-peer cryptocurrency platforms like Binance.