Nigerian Naira depreciated by 3.7 per cent to the dollar in a week’s trading as Central Bank Of Nigeria, CBN pumped and adjusted foreign exchange policy for the Bureau De Change operators in the country.
The naira closed 390 to the dollar last week by recording a moderate rate against the greenback in a week on week basis.
It opened on Monday by depreciating to 395 at the parallel market as the Apex Bank described the situation as hoarding, speculations and commercial banks’ inability to sell forex to those who wants to buy.
As the CBN pumped in more FX on Tuesday the currency slumped further to 397 to the dollar and 405 at the close of market on Friday just as International Monetary Fund, IMF described the value of the naira as being overvalued and advised Buhari-led government to find last solution to economic issues in the country
This is coming as the Central Bank of Nigeria pegged Naira to dollar at the parallel market by 360 to the greenback and increased forex sales to license operators to $10,000 bi-weekly.