Naira depreciates N463/$1 at interbank market

Ngozi Amuche

The naira depreciated against the dollar, closing at N463/$1 at the parallel market, representing a N1 drop when compared to the N462/$1 that it exchanged for on Friday.

Forex turnover also dropped by 51.5percent as Nigeria’s exchange rate at the NAFEX window appreciated against the dollar to close at N385.63/$1 during intra-day trading.

The local currency had strengthened by about 7.8 percent within the one week in September at the black market, as the CBN introduced some measures targeted at exporters and importers, in order to try to boost the supply of dollars in the foreign exchange market, and reduce the high demand for forex by traders.

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The CBN has sold over $500 million to BDCs since they resumed forex sales in September, this was expected to inject more liquidity to the retail end of the foreign exchange market and discourage hoarding and speculation.

Commenting, the President of the Association of Bureau De Change Operators, Aminu Gwadebe, said he expects the impact of the extra liquidity in the market to be gradual.

According to him, despite the drop in speculative buying of foreign exchange, the huge demand backlog by manufacturers and foreign investors still puts pressure and creates a volatile situation in the foreign exchange market.

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