The naira closed trading on the Investor & Exporter forex window on Thursday at N996.75/$. This is a 13.95 per cent depreciation from the N874.71/$ it closed trading on Wednesday.
This means the naira has lost 27.75 per cent of its value since opening the week at N780.23/$ according to information on the FMDQ OTC Securities Exchange.
Last week, after news that the apex bank was clearing some of its backlog broke, the naira appreciated a little but it has since been on a steady decline in both the official and parallel markets.
In the parallel market, the naira has lost value too, falling from N950/$ as of Friday to close to N1,140/$ as of Thursday according to Bureaux De Change operators.
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This represents a 20 per cent decline.
Today at the parallel market, Dollar is N1,100 if you want to sell. It is N1,140 if you want to buy.
Earlier in the week, the President of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, told newsmen that the dollar was gaining against the naira because people who had bought it at a higher price were resisting its fall.
He said, “Speculators are always looking at elements of sustainability. Once they sense that it (the injection) is not continuous, they begin to react. It is the reaction of the market we are witnessing. Also, there is resistance. There are people that bought at a higher price that this does not favour. People are not willing to take further losses.”
Concerned with the fall of the currency, the presidency recently stated that it is planning policies to strengthen the local currency.
