Naira Loses Weight Slowly, Steadily for 13 Days
The naira depreciated slowly and steadily over 13 consecutive trading sessions at the Nigerian Foreign Exchange Market (NFEM), according to trading data tracked by MarketForces Africa.
In its daily FX data publication, the Central Bank of Nigeria (CBN) reported that the official exchange rate weakened further on Friday, settling at N1,393.26 per dollar, down from N1,387 the previous day.
The naira traded between an intraday low of N1398 and a high of N1404 per dollar, a signal of significant pressure from foreign payments.
The local currency continued its decline despite $300 million in FX interventions sales to banks, indicating that the rising demand for foreign payments is outpacing supply.
In the parallel market, the local currency fell to N1,405, reflecting increased pressure across both the regulated official segment and the informal foreign exchange market.
There is a possibility of additional FX injections into the currency market after midweek sales, analysts said, adding that further data releases will show the amount, if any. #Naira Loses Weight Slowly, Steadily for 13 Days Nigerian Treasury Bills Yield Rises to 17.3% after Auction
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