Naira depreciates to 1,456/$ in official market

The naira depreciated against the United States dollar by 0.99 per cent at the official Nigerian Foreign Exchange Market (NFEM) to 1,456.72/$ as of Friday, from 1,442.43/$ in the previous week.

At the parallel market, the naira also traded weaker within the range of 1,470/$ and 1,475/$.

The Cowry Assets Management Limited confirmed this in its weekly report released over the weekend.

Cowry Assets disclosed that the local currency moved within a noticeably wider trading band last week, fluctuating between N1,440 and N1,460 at the official window as softer inflows met firmer dollar demand.

It stated that by the close of trading, the currency had weakened by 0.98 per cent to close at N1,456.72 per dollar.

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A similar movement was seen in the black market, where the naira slipped marginally by 0.20 per cent to N1,475 per dollar.

AIICO Capital added that the naira traded largely bearish in the FX market for most of the week, “pressured by strong early demand from investors seeking to cover positions.”

“Despite multiple CBN interventions, persistently elevated demand continued to weigh on the currency, pushing the exchange rate weaker from N1,442.43/$ at the previous week’s close to N1,456.72/$ by Friday,” it said.

The Star