Naira Depreciates Further Against Dollar, As CBN Injects $7.6bn To Defend Currency

Spread the love

 

 

 

 

The Nigerian currency, Naira, kicked off the new week just as it ended it with another loss, to make it four straight days of depreciation.

 

https://docs.google.com/forms/d/e/1FAIpQLSfjdLdCgSwuqIuQyALbHO8X9WEbTfmnZ3QjUEBC56xZo-op3g/viewform?usp=sf_link

 

 

According to data from FMDQ securities, where Naira is officially traded, on Monday 12 September, 2022. The Nigerian currency depreciated against the dollar to close at N436.50/$.

 

The figure represents a decrease of 0.04 per cent compared with N436.33 to the dollar recorded on Friday, Sept. 9.

For Traders on the black market who spoke to Ripples Nigeria on Monday evening, Naira exchanged at N705 per dollar.

READ ALSO:HEALTH: Why LADIES Should not Use Tissue To Cleanup After Urinating (A MUST READ!) 

Meanwhile, the Central Bank of Nigeria has revealed it intervened in the forex market with $7.6 billion sales to authorised FX dealers from January to May to help stabilise the Naira.

The apex bank said this in its monthly economic reports for May 2022.

CBN REPORT READS:

“Total foreign exchange sales to authorised dealers by the bank were $1.18 billion, a decrease of 24.4 percent below $1.56 billion in April.”

READ ALSO:TUESDAY SPECIAL: The History/Biography Of King Jaja Of Opobo (A MUST READ!)

The report breakdown shows that $1.65 billion and $1.39 billion were sold in January and February, respectively.

Another $1.82 billion in March, $1.56 billion in April and $1.18 billion in May 2022.

Dear Friends,

IN order to continue enjoying our fascinating news updates without any interruption, kindly send your first name, state or location to our WhatsApp No. 09069473894 to receive our news updates directly into your WhatsApp box as it breaks.

We count on you for your maximum support and patronage.
Note: If you are already in our WhatsApp Broadcast List Database, you need not make any new request.

We remain yours truly,
www.sojworldnews.com
SOJ WORLDWIDE…an ONLINE NEWS with a difference.

Be the first to comment

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.