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

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.

Share this story
Written by

Signature TV is a multi-media company, owners and operators of signaturetv.org and producers of The Signature Show on AIT and Corruption Tori. Our programmes are broadcast on the AIT Network and on Seven NTA stations across the country. We are content providers for a number of television networks and some State TV stations, with a respected 24/7, high online and offline followership. We are also Communications/Media Consultants to MacArthur Foundation, Ford Foundation and OSIWA.

No comments

Leave a Reply

Daily Updates

Subscribe to get news updates