Naira Loses Ground to Dollar, Exchanges at N777.82 at I&E Window

The Nigerian Naira depreciated against the US Dollar on Friday, July 22, 2023, exchanging at N777.82 at the Investors and Exporters (I&E) window. This represents a 1.26% drop from the previous day’s rate of N768.16.

The open indicative rate also depreciated, ending the day at N779.58/$1. The highest rate recorded during the day’s trading was N844/$1, while the lowest rate was N700/$1. A total of $77.99 million was traded at the official window on Friday.

This is the second consecutive day that the Naira has depreciated against the Dollar. The currency’s decline is likely due to a number of factors, including:

• The ongoing political uncertainty in Nigeria, which has led to investors pulling their money out of the country.
• The rising cost of oil, which has made it more expensive for Nigeria to import goods and services.
• The Central Bank of Nigeria’s (CBN) decision to stop providing foreign exchange to importers of 41 items.

Financial experts have blamed sabotage for the Naira’s recent depreciation. They say that some people are deliberately mopping up dollars from the forex market in order to create artificial scarcity and drive up the currency’s value.

The CBN has taken a number of measures in recent months to try to stabilize the Naira, including:

• Increasing the supply of dollars to the forex market.
• Selling dollars directly to importers of essential goods and services.
• Selling dollars to Bureau de Change operators at a discounted rate.

However, these measures have so far failed to stem the Naira’s decline. It remains to be seen whether the CBN will be able to stabilize the currency in the long term.

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