On Wednesday, September 23, at the parallel market, the Nigerian currency depreciated by N2 against the US dollar.
On the last working day of this week the naira traded N222 against the dollar, while Monday’s and Tuesday’s exchange rate was at N220 for one dollar.
Harrison Owoh, an operator of the Bureau de Change, explained that the currency’s drop in the value was connected to the Central Bank of Nigeria’s failure to sell enough foreign currencies.
Owoh added that parallel market operators had expected the apex bank to sell more foreign currencies before the Eid el-Kabir break. He predicts that the currency may depreciate further due to the long break associated with Muslims’ celebration.
However, the official interbank rate remained unchanged N197 to USD.
The previous drop of the naira happened on August 30-31, when the national currency was depreciated by N5 to N220. It was partially caused by increased demand for dollars to fund Hajj pilgrimage and payment of school fees.
On the last working day of this week the naira traded N222 against the dollar, while Monday’s and Tuesday’s exchange rate was at N220 for one dollar.
Harrison Owoh, an operator of the Bureau de Change, explained that the currency’s drop in the value was connected to the Central Bank of Nigeria’s failure to sell enough foreign currencies.
Owoh added that parallel market operators had expected the apex bank to sell more foreign currencies before the Eid el-Kabir break. He predicts that the currency may depreciate further due to the long break associated with Muslims’ celebration.
However, the official interbank rate remained unchanged N197 to USD.
The previous drop of the naira happened on August 30-31, when the national currency was depreciated by N5 to N220. It was partially caused by increased demand for dollars to fund Hajj pilgrimage and payment of school fees.
No comments:
Post a Comment