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Naira Watch

Naira falls further at official market

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Naira exchanges for N562 per dollar, as CBN moves to stop the slide

Naira started the new trading week on a negative note against the United States Dollar at the official market.

Data from FMDQ showed at the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) or Investors and Exporters (I&E) window of the foreign exchange (FX) market on Monday Naira lost 10 kobo or 0.02 percent.

This means Naira which traded at N414.30/$ on Friday last week, is starting the new week at N414.40/$1.

This occurred even as transactions valued at $184.31 million were executed by FX traders compared with the $359.48 million carried out last week friday.

Similarly at the interbank market, the Central Bank of Nigeria reports Naira suffered another loss.

According to the CBN data, Naira depreciated against the dollar by 6 kobo or 0.02 per cent to finish at N410.87/$1 in contrast to N410.81/$1 it traded last Friday.

Also at the interbank market, British Pounds increased by N2 in value to Nigerian Naira as it closed at N560.34 compared to the N558.90 last week’s Friday.

Also against the Euro, Naira fell slightly to N475.54 on Monday from N475.14 it exchanged on Friday.

Read also: Confusion over CBN’s Naira/Dollar exchange rate

CBN data further showed Naira is starting the new week at a lower rate to the Saudi-Arabia currency, RIYAL, China’s Yuan, and also CFA.

CBN data noted that the Chinese Yuan increase in value to N63.70, while Riyal jumps to N109.55.

CFA the only African currency quoted by CBN also gained N0.7237 from N0.7232 it traded on Friday last week.

Meanwhile, Vice President Yemi Osinbajo has suggested that Naira needs to be devalued.

According to Osinbajo foreign exchange policy adopted by the Central Bank of Nigeria is not helping the Naira.

He, therefore, advised the bank to have a “rethink” about its current forex demand management strategy.

Osinbajo was speaking at the Mid-Term Ministerial Performance Review Retreat on Monday.

He went further to stressed that the exchange rate is artificially low and does not reflect the current market realities.

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