Oh No! Naira Crashes Against Dollar

The Nigerian naira has depreciated in value against major currencies as Nigerian continues to suffer recession.

Currencies (File photo)

The Naira, yesterday, crashed in the parallel market, Investors and Exporters (I&E) window. This is just as the Central Bank of Nigeria (CBN) injected $195 million into the interbank market.

The currency depreciated by N1 in the parallel market as the exchange rate for the market rose to N366 per dollar from N365 per dollar last week Friday.

The naira also fell by 94 kobo in the I&E window as the indicative exchange rate rose from N366.44 per dollar last week Friday to N367.38 per dollar at the close of business, yesterday.

The volume of dollars traded also dropped to $96.03m from an average of N198.8m, last week. In a statement issued, yesterday, Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor, announced the injection of $195m into the interbank market.

He said, “In the wholesale segment of the inter-bank Foreign Exchange market, the CBN auctioned $100m and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45m respectively.”

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