The Naira depreciated further yesterday to a lower rate against the Dollar, now standing at the rate of N360.33 per dollar in the Investors and Exports (I & E) Foreign Exchange, Forex Window. Data received from the Money Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I & E Window, known as the Nigerian Autonomous Foreign Exchange, NAFEX (Nafex Rate), dropped to a rate of N360.33 per dollar, yesterday, from N360.25 per dollar on Wednesday.
As a result of Wednesday’s occurrence, the naira has experienced a depreciation by an 8 kobo margin to the dollar.
Meanwhile, in the parallel market the naira yesterday retained its previous value at the rate of N367 per dollar, whilst the lowest rate recorded was N350 per dollar in the I & E Window.
The Central Bank of Nigeria (CBN) sold a total of $20,000 to each of the 3,145 Bureaux De Change (BDCs) across the country.
The recent monetary acatrivities and data complements the $195 million injected by the apex bank into the interbank market on Monday.
More issues still are looming upon this development as traders at the financial market have said that the scarcity of the greenback was far from being over.
Also, despite the weekly sale of forex to Bureau De Changes across the country by the apex bank, the urge to further devalue the naira proved very pressing.