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Naira loses N27.58 against dollar at forex market in two days

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Dollar News

Forex Market,Naira

The Naira dropped N27.58 against the dollar at the foreign exchange market between Monday and Tuesday. This is according to FMDQ data between Monday and Tuesday. This comes as the Naira depreciated for two consecutive times to N 1,592.06 on Tuesday from N 1,564.48 exchanged last Week Friday.

Similarly, at the black market, the Naira lost N15 on Tuesday as it exchanged N1,615 per dollar from N1,600 last week Friday. A further analysis showed that Naira has been on the decline since last week on the back of the Central Bank of Nigeria's Retail Dutch Auction System. Recall that the apex bank's commenced the Foreign Exchange auction at the beginning of August to curtail the FX demand spike.

The rDUS saw CBN sell $876.26 million to end-users through the banks. However, weeks into the initiative, the Naira has lost its steam. This is why the President, Association of Bureau De Change Operators, Aminu Gwadabe said the apex bank is inconsistent with its FX interventions. Meanwhile, the CBN in a statement by its spokesperson, Sidi Hakama on Tuesday reiterated that its policies and interventions would guarantee FX stability in the country.

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