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Naira value depreciates again amid confusion of CBN removing exchange rate from website



Naira continues free fall against U.S dollar

For the second day in a row, Nigerian currency depreciated to the U.S dollar at the official foreign exchange (forex) market. for investors and exporters.

Data from FMDQ where forex is officially traded showed, Nigerian currency closed at N415.07/$1 after Tuesday trading activities.

This was a 52 kobo or 0.12 percent drop when compared to N414.55/$1 it exchanged on Wednesday.

Naira value depreciation occurred as forex turnover at the I&E window went down by 46.4 percent or $79.87 million on Tuesday.

According to FMDQ data participants at the market traded $92.38 million on Tuesday in contrast to $172.25 million recorded the previous day.

Read also: CBN says transactions on eNaira platform hit N46.3m in two weeks

Also, the interbank window of the forex market showed Naira shed 5 kobo or 0.01 percent of its value to exchange at N411.34/$1 on Tuesday, compared with the N411.29/$1 it closed on Monday.

It was the same performance against the British Pound at the interbank window on Tuesday as Naira dropped in value by N2.80 to trade at N555.82/£1 from N553.02/£1.

Nigerian currency also dropped in value by N1.76 against the Euro to close the day at N476.14/€1 compared with N474.38/€1 of the previous day.

Black market, traders who spoke to Ripples Nigeria at Okota area of Lagos State, revealed Naira exchanged to U.S dollar between N586-N570 depending on the quantity and customers bargaining power.

Meanwhile, the Central Bank of Nigeria (CBN) was forced to debunked a report that it removed the exchange rate from its website.

Various media, not Ripples Nigeria, had reported that the CBN had decided to remove the exchange rate from its website.

CBN through its spokesperson, Osita Nwanisobi described the report as false when contacted.

Indeed, when Ripples Nigeria visited the CBN’s website, the exchange rate indication was still visible.

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