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

0
386

Nigeria’s local currency, Naira, faced severe pressures last week, forcing it to a record depreciation against the US Dollar in both the parallel market and Investors and Exporters (I&E) window.

This came at the backdrop of the $600 million accretion to the nation’s foreign reserves during the week.In the parallel market the exchange rate rose to N570 per dollar on Friday from N540 per dollar the previous week, losing N30, the highest in recent years.

In the I&E window, the Naira depreciated by 88 kobo as the indicative exchange rate dropped to N412.88 per dollar on Friday from N412 per dollar the previous week.

However, the volume of dollars traded (turnover) in the window rose by 35 per cent to $975.63 million last week from $724.11 million traded the previous week.

Meanwhile, data on the Central Bank of Nigeria (CBN) website showed that the nation’s foreign reserves gained $600 million as the gross amount rose to $35.4 billion on Friday from $34.8 billion the previous week.



READ ALSO! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%

READ ALSO! Tony Elumelu To Empower 1,000 Northern Entrepreneurs With $5000 Each

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

READ ALSO! How Nigerian Govt Can Lift 100million People Out Of Poverty — Tony Elumelu

READ ALSO! TraderMoni: Poverty Alleviation Or Political Leverage?

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

READ ALSO! Gtbank 737 Disservice: How to Kick Your Customers in the Butt!

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! The Love Of Your Life Is An Illusion: It Doesn’t Exist Anywhere!