Naira has fallen to the second-worst quarter of depreciation in Q2 2022.
IDOMA VOICE reports that the Central Bank of Nigeria (CBN) has made numerous attempts to defend the naira, but the currency has massively declined by N29 in the second quarter of 2022.
This is indicative of the second-worst quarter depreciation in Nigeria, while the worst quarter was seen in Q3 2021 when the Naira fell by N44
The Naira-US dollar exchange rate at the official Investors and Exporters (I&E) market has remained largely stable around the N420/$1 region. On the other hand, the Naira is heading toward N650/$1 on the black market, which has continued its downward trajectory.
To defend the Naira, the Central Bank has introduced a slew of regulations, from barring the sale of dollars to BDCs to the RT200 scheme, which is designed to provide an N65 rebate on export revenues.
On a year-to-date basis, the reserve has lost $1.37 billion from $40.52 billion in December 2021 to $39.16 billion in June 2022. In the month of June, the external reserve gained $671.63 million, following a $1.1 billion decline in the previous month.
The drop in forex supply contributed to the downtrend in the value of the local currency at the official market, amid the CBN’s interventions. Nairametrics took a cursory look at activities that give evidence to dollar scarcity in Nigeria.
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