The nation’s currency, the naira, on Thursday weakened against the US dollar across market segments following strong demand for the greenback by end-users.
While the Central Bank of Nigeria’s (CBN) clearing rates remained stable at N198/$, naira lost N2.50k/$ or 1.1 percent to close at N226/$ compared to N223.30k/$ the previous day at the parallel market, data from Financial Markets Dealers Quotations (FMDQ) revealed.
At the inter-bank foreign exchange market, the local currency slide N0.76k/$ or 0.4 percent against the dollar. After trading on Thursday, naira closed at N202.60k/$ as against N201.84k/$ the previous day at the interbank forex market.
Read also: Growing disposable income boosts retail sales 66%
Also at the bureau de change segment of the foreign exchange market, the local currency depreciated by N2.00k/$ or 0.9 percent as it closed at N224/$ from N222/$ the previous day.
On Wednesday, the naira depreciated 0.5 percent against the dollar in the inter-bank market and -9.3 percent year-to-date.
Meanwhile, foreign reserves have declined by 0.33 percent to N31.57 billion as at February 25, 2015 from N31.68 billion as at February 24, 2015, according to the data obtained from the CBN website.
Godwin Emefiele has charged Nigerians not to panic over recent developments in the country’s foreign exchange market, which has seen the naira witness depreciation.
