The depreciation of Naira against the US dollar continues

by Amos Kalu

At the official and unofficial foreign exchange markets, the value of the naira plummeted to an all-time low versus the US dollar, exacerbating the country’s foreign exchange crisis.

The naira fell in value last week, from N1,574.62 per US dollar on Monday to N1,537.96 on Friday, according to data from FMDQ.

Dollar and Naira

In comparison to the N1,537.96 recorded at the close of trading on Friday, this indicates a N36.66 or 2.3% loss.

In a similar vein, on the parallel market, the naira fell from N1,590 on Friday to N1,660 on Monday per US dollar.

A Bureau De Change operator named Dayyabu Mistila confirmed the development on Monday.

This occurs in the midst of the Economic and Financial Crime Commission, or EFCC, cracking down on illicit Bureau De Change operators and the Monday arrest of fifty people in Wuse Zone 4 Abuja.

The Central Bank of Nigeria introduced new instructions on Wednesday of last week, which stopped the payment of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) in cash. Despite this, the FX markets continued to decline.

Simultaneously, the top bank prohibited foreign oil firms (IOCs) doing business in Nigeria from returning all of their foreign exchange earnings home.

The CBN and the Nigerian government are still working to stop the naira’s uncontrollably rising and falling value in relation to the US dollar and other foreign currencies on the forex market, OHAFIATV News has learned.

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