Naira Continues To Fall At Official Market Despite CBN Interventions

The value of the Naira continues to fall against the US dollar at the official market despite many interventions by the Central Bank of Nigeria (CBN).

Data from FMDQ securities revealed that Naira performance dropped at the official market in spite of the defence of the apex bank, Naija News reports.

The data showed that the value of the transaction at the market dropped by 49.6 percent or $62.99 million to $64.03 million from the $127.02 million achieved at the previous session.

This development comes after the apex bank withdrew from the external reserves a total of $207.9 million in the first two weeks of February.

Last week Friday, the Naira ended at N416.75 per dollar, down 8 kobo or 0.02 percent from the previous day’s close of N416.67/$1 at the Investors and Exporters (I&E) segment of the foreign currency (FX) market.

It was a similar story against the Pound Sterling as the Naira depreciated by N2.46 to close at N567.14/£1 compared with N564.68/£1 it was transacted a day earlier

However, against the Euro, the local currency appreciated on Sunday by N1.04 to settle at N473.08/€1 versus N474.12€1 of the preceding session CBN data shows, while at the Black market, the exchange rate remained at N574 on Monday morning.