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Nigerian Naira Faces Steep Depreciation Falls N40 Against The US Dollar In Weekly Trading
Nigerian Naira Faces Steep Depreciation Falls N40 Against The US Dollar In Weekly Trading....KINDLY READ THE FULL STORY HERE▶
In spite of the recent initiatives undertaken by the Central Bank of Nigeria (CBN), the Naira, the country’s currency, experienced a significant depreciation of N40 against the US Dollar, while the British Pound traded at N1912.4400 in the official market to conclude the week……..CONTINUE READING
The official market observed a continued decline in the local currency, with the Naira closing at N1,537.96. This depreciation marks a notable downturn, as the Naira breached the N1,500 threshold at the official market.
Throughout the week, the exchange rate fluctuated between N1,500 and N1,515/$, with a brief strengthening on Thursday, closing at 1,499 at the Nigeria Autonomous Foreign Exchange Market (NAFEM). However, by the week’s end, the Naira experienced further depreciation, settling at N1,537.
This decline coincided with the Central Bank’s issuance of a series of circulars aimed at stabilizing the forex market. One of the measures implemented by the CBN involves imposing a limit on foreign currency transfers from international oil companies to their parent firms, utilizing crude export proceeds.
As per a circular dated February 14, the CBN specified that banks could initially transfer a maximum of 50% of crude export proceeds to oil companies abroad. Additionally, another circular was issued by the bank, halting the payment of cash for basic travel allowance (BTA) and Personal Travel Allowance (PTA).
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Source: Bushradiogist
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