{"id":86125,"date":"2021-09-20T14:57:12","date_gmt":"2021-09-20T13:57:12","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=86125"},"modified":"2021-09-20T14:57:12","modified_gmt":"2021-09-20T13:57:12","slug":"naira-depreciates-further-as-foreign-reserves-gain-600m-in-one-week","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/naira-depreciates-further-as-foreign-reserves-gain-600m-in-one-week\/","title":{"rendered":"Naira depreciates further, as foreign reserves gain $600m in one week"},"content":{"rendered":"
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Nigeria\u2019s local currency, Naira, faced severe pressures last week, forcing it to a record depreciation against the US Dollar\u00a0 in both the parallel market and Investors and Exporters (I&E) window.<\/div>\n
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\nThis came at the backdrop of\u00a0 the $600 million accretion to the nation\u2019s foreign reserves during the week. In the parallel market the exchange rate rose to N570 per dollar on Friday from N540 per dollar the previous week, losing N30, the highest in recent years.<\/p>\n

In the I&E window, the Naira depreciated by 88 kobo as the indicative exchange rate dropped to N412.88 per dollar on Friday from N412 per dollar the previous week.<\/p><\/div>\n

\nHowever, the volume of dollars traded\u00a0\u00a0 (turnover) in the window rose by 35 per cent to $975.63 million last week from $724.11 million traded the previous week.<\/p>\n

Meanwhile, data on the Central Bank of Nigeria (CBN) website showed that the nation\u2019s foreign reserves gained $600 million\u00a0 as the gross amount\u00a0\u00a0 rose to $35.4 billion on Friday from $34.8 billion the previous week.<\/p>\n

The liquid amount also grew by $600 million to $35.1billion on Friday from $34.5 billion the previous week.<\/p>\n

These were coming as the members of the Central Bank of Nigeria, CBN, Monetary Policy Committee, MPC, applauded the apex bank on management of exchange rate thereby urging the apex bank to take further\u00a0 steps to restrict the activities of unauthorised and illegal dealers in the foreign\u00a0 exchange market.<\/p>\n

The communiqu\u00e9 of the MPC meeting held last week in Abuja stated: \u201cOn the management of the exchange rate, the Committee applauded the Bank for improving foreign exchange supply in the economy to meet legitimate\u00a0 business and consumer demand.<\/p>\n

\u201cMembers thus, urged the Bank to take further steps to restrict the activities of unauthorised and illegal dealers in the foreign exchange market, stating that all foreign exchange transactions must be\u00a0 conducted at the I&E window to ensure transparency and stability.<\/p>\n

\u201cThe Committee, thus, called on the Bank to intensify surveillance over foreign\u00a0 exchange sales and utilisation by commercial banks and customers, to ensure that operators adhere to stipulated guidelines set by the CBN.<\/p>\n

\u201cThe Bank thus, maintains its resolve to continue to restructure the foreign exchange market and will pursue all recent policies targeted at sanitizing the market to improve transparency and proper functioning to eliminate illegal foreign exchange dealers in the economy.\u201d<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Nigeria\u2019s local currency, Naira, faced severe pressures last week, forcing it to a record depreciation against the US Dollar\u00a0 in both the parallel market and Investors and Exporters (I&E) window.…<\/p>\n","protected":false},"author":1,"featured_media":47186,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-86125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nNaira depreciates further, as foreign reserves gain $600m in one week - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/naira-depreciates-further-as-foreign-reserves-gain-600m-in-one-week\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Naira depreciates further, as foreign reserves gain $600m in one week - 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