Naira depreciates further, as foreign reserves gain $600m in one week

Nigeria’s local currency, Naira, faced severe pressures last week, forcing it to record a depreciation against the US Dollar in both the parallel market and Investors and Exporters (I&E) window.
This came at the backdrop of the Six Hundred Million Dollars accretion to the nation’s foreign reserves during the week.
In the parallel market the exchange rate rose to Five Hundred and Seventy Naira per dollar on Friday from Five Hundred and Forty Naira per dollar the previous week, losing Thirty Naira, the highest in recent years.
In the I&E window, the Naira depreciated by Eighty-Eight kobo as the indicative exchange rate dropped to Four Hundred and Twelve point Eight Eight per dollar on Friday from Four Hundred and Twelve per dollar the previous week
However, data on the Central Bank of Nigeria (CBN) website showed that the nation’s foreign reserves gained Six Hundred million dollars as the gross amount rose to Thirty-Five point Four billion dollars on Friday from Thirty-Four point Eight billion dollars the previous week.