Oddbean

Naira Weakens Further as Banks, Currency Dealers Quote Dollar at Higher Rates ========== The naira suffered a loss against the US dollar in the official foreign exchange market. Traders quoted the dollar at N1,421 per dollar on May 8, 2024, compared to N1,403 the previous day. The depreciation is attributed to the lack of weekly FX sales by the Central Bank of Nigeria (CBN) to BDCs. Forex turnover in the FX market rose to $164 million on May 8, 2024. In the parallel segment of the foreign exchange market, the naira also weakened to N1,450 per dollar. The recent crash of the naira is due to the lack of interventions and FX sales to BDC operators by the CBN. The CBN has not supplied forex to BDCs in the past two weeks, leading to increased demand and liquidity squeeze. Forex turnover in the Nigerian Autonomous Foreign Exchange Market (NAFEM) dropped 37.4% month-on-month to $3.47 billion in April 2024. The naira rallied in the official market to trade at N1,278.58 per dollar on April 2, 2024, the first time below N1,300 since January 2024. #Naira #UsDollar #ForeignExchangeMarket #CentralBankOfNigeria #ForexTurnover https://www.legit.ng/business-economy/economy/1591537-naira-weakens-banks-currency-dealers-quote-dollar-higher-rates/