The Naira has recorded a depreciation in value against major currencies even as the Central Bank of Nigeria continues to intervene.
The naira on Monday, depreciated further against the dollar at the parallel market, exchanging at N367 to the dollar. The Nigerian currency lost one point from N366 posted on Friday, while the Pound Sterling and the Euro closed at N476 and N432.
At the Bureau De Change segment, the naira was sold at N363 to the dollar, while the Pound Sterling and the Euro closed at N476 and N432, respectively. The naira, however, appreciated at the investors’ window as it closed at 362.50, stronger than N365.68, its opening rate.
Traders said that the demand for foreign exchange outstripped its supply. The Central Bank of Nigeria is intervening at the foreign exchange market to stabilise the naira. The naira had rallied around N363 to the dollar for about two weeks until market forces dragged it into depreciation.