CBN struggles to help Naira as it continues poor performance against US dollar

The Central Bank of Nigeria is finding it extremely difficult to stop the poor performance of the Nigerian currency.

On Monday morning, the Naira was exchanging to the US dollar at the peer to peer exchange market at N660 and it could get worse before the end of the day.

Similarly, black market traders are exchanging at N654 to a dollar.

The weakening of the Naira on Monday morning followed the trend at the Investors and Exporters (I&E) segment of the official market on Friday.

Read also: CBN warns Nigerians to stop converting naira to dollar

Data from FMDQ securities shows the domestic currency depreciated against the American currency by 0.94 per cent or N4 to quote at N430.00/$1 compared with the previous day’s N426/$1.

The Naira suffered this loss despite the value of forex transactions declining by 68.0 per cent or $123.04 million to $57.79 million from the $180.83 million recorded in the preceding session.

Also, the Naira exchange rate against the Pound Sterling and the Euro at the interbank segment stands at N495.99/£1 and N423.95/€1 respectively.

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