Naira Depreciates To 532 Per USD Despite Rising Forex Reserves– GCFRNG
The Nigerian currency fell against the dollar in a similar market on Monday despite the rise of foreign exchange in the country.
Forex trading, which fell to $ 33.09bn on July 12, climbed to its highest level in more than three months.
The GCFRNG reported on Friday that the naira fell to a new low of 530 against the dollar on Thursday amid Forex shortages in the country.
The naira fell ahead of 532 / $ 1 in a similar market on Monday.
The city has lost more than five percent of its value since August 4, when it closed at 506 / $ 1.
The naira fell 723 against British pound sterling in a similar market from 722 / £ 1 on Friday, while the euro reached N625 from N622.
In the I&E window, the naira gained 0.09 percent to close at 411.13 / $ 1 on Monday, according to FMDQ Group.
Also read
FG lending, increasing costs putting pressure on the naira – Falae
The naira depreciated to 530 against the dollar, and the pound fell to N720
Forex Ban: CBN tells banks to publish the names of violators
The country’s external reserves, which have been steadily rising since August 25 after several weeks, hit $ 34.26bn last Friday, the highest since May 26, according to the CBN.
The stock gained $ 870m in ten days through Sept. 3, CBN data shows.
The naira fell to 506 / $ 1 on August 4 to fall 525 / $ 1 in a similar market on July 28, a day after the Central Bank of Nigeria stopped trading on foreign exchange at Bureaux de Change.
CBN Governor, Mr Godwin Emefiele, held on July 27, at the end of a meeting of the Finance Committee, announced the cessation of trade in the BDC, saying that they had turned themselves into “perpetrators of corruption and bribery. of the people. find the wrong budget and budget in Nigeria. “