Naira drops 1.04% in value against the dollar, despite CBN promo

The Naira ended the week trading at N485 against the dollar, N5 or 1.04 percent lower, in the black market, when compared to the 480 it closed on Friday March 5th, 2021, in what looks like a direct response to the CBN Naira 4 Dollar Promo.

In a bid to sustain the increase in Diaspora remittances into the country, the Central Bank of Nigeria (CBN) introduced a ‘Naira-4-Dollar’ promo. The promo took effect from March 8, 2021 and will end on May 8, 2021, which offers recipients of Diaspora remittances N5 for every $1.

Aboki fx data showed on Friday the N485 is a N3 or 0.62 per cent depreciation from N482, which it exchanged against the dollar on Thursday.

Read also: Naira gains against dollar, as market turnover rises by 420.34%

Similarly, Naira closed at N410 at the trading session of the I&E window on Friday, a N1.00 or 0.25 per cent devaluation from N409.00 it closed at the previous session on Thursday.

The market witnessed an intraday high of N390 and a low of N412.20, before closing at N410 with a record turnover of $63.88 million.

Week on Week, however, N410 it closed on Friday, March 12th, 2021 is a 0.24 percent appreciation from the 411 it closed on Friday, March 5th, 2021

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