x

Naira depreciates across forex markets, as external reserves shed $838m in six weeks

Naira weakened marginally against the dollar on the black market on Wednesday, falling by N1 or 0.21% to N476, data from abokiFX, an exchange rate tracking website, showed.

The U.S. currency had exchanged for N475 on Tuesday.

Nigeria’s external reserves had fallen by $838 million or 2.35% to $34.851 billion in the six weeks to 14th December, weakening the central bank’s ability to intervene in the foreign exchange market.

Meanwhile, on the spot market also called the Investors and Exporters (I&E) forex window, naira depreciated by 67 kobo or 0.17%, changing hands at N394.67 to a dollar. That leaves the gap between the exchange rates of the two markets at N81.33 or 20.61%.

Yet, traders have been thronging the parallel market where dollar is much more expensive because the quantity available at the spot market is grossly inadequate to meet their demand.

Naira had closed at N394 at the Tuesday session.

Turnover at the I&E forex window rose by 78.7% to $200.34 million from $112.08 million.

Naira reached an intraday low of N407.68 to a dollar and hit a high of N388 before closing at N394.67.

Last week, the average daily forex sale was around $169.93 million, signalling a significant rise from the $34.5 million reported in the week before. However, the apex bank’s interventions in the market have failed to stop naira from weakening.

On Tuesday, the Nigerian government got approval for a $1.5 billion loan facility from World Bank, which is anticipated to shore up the country’s fast depleting foreign exchange reserves.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Chinese Embassy Probes Alleged Abandonment of Nigerian Miners in CAR

The Chinese Embassy in Nigeria has launched an investigation...

APC’s Future Bright Under Nentawe’s Leadership — Daduut

By Israel Adamu, Jos Senator Nora Ladi Daduut has congratulated...

Gunmen Open Fire in Plateau, Women and Children Among 14 Killed

By Israel Adamu, Jos At least 14 persons have been...

Aminu Yusha’u Appointed Coordinator of Kano-ACReSAL, Earns World Bank Endorsement

By Jabiru Hassan The World Bank has officially endorsed the...

Double Tragedy in Kaduna: Child Thrown Into Well, Father Slumps and Dies

By Achadu Gabriel, Kaduna Tragedy struck in Sabon Tasha, Kaduna...

From Minister to Party Leader: Plateau Rejoices Over Yilwatda’s APC Chairmanship

By Israel Adamu, Jos Residents of Jos, the Plateau State...

No Hiding Place for Criminals’: Bayelsa Foils High-Profile Abduction

By Amgbare Ekaunkumo, Yenagoa The Bayelsa State Police Command has...

WAFCON Glory Awaits! Bayelsa Governor Sends Powerful Message to Super Falcons

By Amgbare Ekaunkumo, Yenagoa Bayelsa State Governor, Senator Douye Diri,...
spot_img

Related Articles

Popular Categories

spot_imgspot_img