The Naira faced significant depreciation in the past week, losing N30 and N28.48 in the parallel and official foreign exchange markets, respectively, despite interventions from the Central Bank of Nigeria (CBN) through the Retail Dutch Auction System (RDAS).
On Friday, the Naira slid to N1,645 per dollar in the parallel market, compared to the N1,615 rate recorded on Friday, August 23, 2024. Similarly, data from FMDQ, which tracks official market trading, showed the Naira dropped to N1,598.56 per dollar this Friday, down from N1,570.14 exchanged last week.
This decline highlights the Naira’s continued weakness in both the official and parallel markets, despite the CBN’s efforts to stabilize the currency through various interventions.
Even though foreign exchange transaction turnover saw an increase to $172.80 million on Friday, up from $155.52 million on Thursday, the Naira still failed to gain strength against the dollar over the past seven days.
The depreciation comes just weeks after the CBN reintroduced the Retail Dutch Auction System in response to a surge in dollar demand.
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