The Naira, Nigeria’s currency, has continued to depreciate against foreign currencies in spite of the measures put in place by the Central Bank of Nigeria (CBN) to reverse the trend.
The dip in value is noticeable at both the parallel market and Investors and Exporters (I&E) window despite a boost by $600 million in the nation’s foreign reserves.
At the parallel market the exchange rate rose to N570 per dollar from N540 per dollar the previous week, losing N30, the highest in recent years.
In the I&E window, the Naira depreciated by 88 kobo as the indicative exchange rate dropped to N412.88 per dollar on Friday from N412 per dollar the previous week.
However, the volume of dollars traded (turnover) in the window rose by 35 per cent to $975.63 million last week from $724.11 million traded the previous week.
Meanwhile, data on the Central Bank of Nigeria (CBN) website showed that the nation’s foreign reserves gained $600 million as the gross amount rose to $35.4 billion on Friday from $34.8 billion the previous week.
The liquid amount also grew by $600 million to $35.1billion on Friday from $34.5 billion the previous week.