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Naira Watch: Naira depreciates to N407/$ as CBN releases $250m

By Babajide Komolafe

The naira Wednesday depreciated to N407 per dollar yesterday in the parallel market even as the Central Bank of Nigeria (CBN) released additional $250 million on 7 to 30 day forwards for agriculture, airline, petroleum products and raw materials.

Vanguard survey showed that the parallel market exchange rate which closed at N400 per dollar on Tuesday rose to N407 per dollar yesterday. Bureaux De Change (BDCs) who confirmed this to Vanguard attributed the depreciation to resurgence of demand for dollars in the market.

Meanwhile, the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor, Wednesday disclosed that that apex bank has released additional $250 million on 7 to 30 day forwards for agriculture, airline, petroleum products and raw materials, adding that the bank also called for bids for wholesale spot for $100 million for Basic/Personal Travelling Allowance, medicals and tuition fees.

He stated that the Bank has also commenced heavy injections into the spot market in addition to the settlement of requests for wholesale spot bids for invisibles like school fees, medicals and personal travel allowance.


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