Naira Continues To Fall At Official Market Notwithstanding CBN Interventions.

The value of the Nigerian Naira has continued to fall against the US dollar at the official market not minding the many interventions by the Central Bank of Nigeria (CBN).

Data from FMDQ securities has revealed that Naira declined at the official market in spite of the defence of the apex bank, Taculia 9Ja reports.

The data reveals that the value of the exchange at the market dropped by 49.6 percent or $62.99 million to $64.03 million from the $127.02 million which was achieved at the previous session.

This development comes following the apex bank withdrawal from the external reserves a total of $207.9 million in the first two weeks of February.

Read also: Gov. Udom Emmanuel Sacks Akwa Ibom Chief Of Staff.

Last week Friday, the Naira ended at N416.75 per dollar; down 8 kobo or 0.02 percent from the previous day’s close of N416.67/$1 at the Investors and Exporters (I&E) segment of the foreign currency (FX) market.

A similar story also occured against the Pound Sterling as the Naira depreciated by N2.46; to close at N567.14/£1 compared with N564.68/£1 it was transacted a day earlier

However, against the Euro, the local currency appreciated on Sunday by N1.04 to settle at N473.08/€1 versus N474.12€1; of the preceding session CBN data shows, while at the Black market, the exchange rate maintained at N574 on Monday morning.

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