Recent data from FMDQ has revealed that the Naira has depreciated against the US Dollar in the foreign exchange market for the seventh consecutive time.
On Thursday, the Naira was quoted at N1309.88 per Dollar, indicating a decline from the previous day’s rate of N1308.52, resulting in a daily loss of N1.36.
Meanwhile, at the parallel market, the Naira’s exchange rate ranged between N1,300 and N1,370 on Thursday, compared to the previous day’s range of N1,250 to N1,300.
Over the past four days, the Naira has consistently weakened against the Dollar in the FX market, following a trend from last week where it depreciated three times in the same market.
Since April 17, 2024, when the Naira traded at N1,072.74 per Dollar in the FX market, it has depreciated by N237.14.
In an effort to support the Naira, the Central Bank of Nigeria provided 10,000 dollars to BDCs at a rate of N1,021 per dollar, with a condition to sell at a maximum of 1.5% above the purchasing price.
This intervention marks the third recent support measure for BDCs as part of the CBN’s strategy to stabilize the Naira’s value against foreign currencies.
BDC operators have attributed the recent Naira depreciation against the dollar in the foreign exchange market to peer-to-peer cryptocurrency platforms like Binance.