The Nigerian Naira experienced a significant depreciation against the United States dollar in the informal foreign exchange market over the weekend.
According to insights shared by Mistila Dayyabu, a Bureau De Change operator, in an interview with newsmen , the Naira saw a notable drop of N130, plummeting from N1,290 to N1,420 per dollar within a span of less than 48 hours.
Read Also : Wizkid Has Built A Legendary Status For Himself – Terry G
Dayyabu attributed this depreciation to heightened demand in the parallel market. He emphasized that the Naira’s value declined to N1,420 per dollar on Sunday, reflecting the intensified pressure.
Detailing the market dynamics, Dayyabu revealed that their buying rate stood at N1,410 per dollar, with a selling rate of N1,420 as of Sunday, in contrast to the N1,290 per dollar rate observed on Friday.
This development followed a recent instance of appreciation for the Naira in both the official and informal foreign exchange markets on the preceding Friday, as documented by Ejes Gist News . Despite ongoing interventions by the Central Bank of Nigeria (CBN), aimed at stabilizing the currency, the Naira has been subject to notable fluctuations in foreign exchange rates.
BREAKING: FG Approves Downward Review of Tariff for Band A Electricity Consumers
The CBN’s efforts to manage the situation have included multiple releases of foreign exchange to Bureau De Change operators within a defined timeframe. Specifically, between March 26th and April 26th, 2024, the apex bank intervened on three occasions, providing liquidity to the market.
Commenting on the matter, financial expert Kalu Aja highlighted the pivotal role of the CBN’s interventions in driving the earlier appreciation of the Naira, particularly during the period spanning from March to mid-April 2024.
Aja underscored the significance of these interventions in influencing the currency’s value within the foreign exchange landscape.
