The Naira experienced a significant depreciation against the US dollar as the week came to a close. Despite recent interventions by the Central Bank of Nigeria (CBN), FX supply turnover plummeted by 74 percent to $84.10 million.
According to data from FMDQ, the Naira declined to N1,537.96 per US dollar on Friday from N1,498.25 on Thursday, marking a loss of N39.71 or 2.6 percent compared to Thursday’s closing rate.
Moreover, in the Parallel Market, the Naira fell to N1,590 per US dollar on Friday from N1,575.00 on Thursday.
Throughout the week, Forex fluctuations persisted: Naira traded at N1,534.39 per US dollar on Monday, N1,499.07 on Tuesday, N1,503.38 on Wednesday, and N1,498.25 on Thursday in the official FX market.
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These depreciation trends occurred alongside the Central Bank‘s new guidelines introduced on Wednesday, which halted the cash payout of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).
Furthermore, the apex bank prohibited International Oil Companies (IOCs) operating in Nigeria from repatriating 100 percent of their forex revenue.