Naira Suffers Another Blow as Dollar Rises to N775.76 at I&E Window

The Nigerian currency, the Naira, continued its downward spiral against the US Dollar on Friday, closing at N775.76 at the Investors and Exporters (I&E) window. This represents a 0.93 per cent depreciation from N768.60, which it traded at on Thursday.

According to data from the FMDQ Securities Exchange, the Naira opened at N776.74 to the Dollar on Friday, but fell to as low as N799.50 during the day’s trading session. The Naira also weakened in the parallel market, where it exchanged for N465 to the Dollar.

The total turnover at the I&E window on Friday was $54.18 million, lower than the $62.41 million recorded on Thursday.

The Naira’s woes are partly attributed to the recent foreign exchange policy reforms announced by the Central Bank of Nigeria (CBN) on June 14, which effectively devalued the Naira and introduced a flexible exchange rate regime.

The Acting Governor of the CBN, Mr Folashodun Shonubi, acknowledged the challenges facing the foreign exchange market in the country at the end of July’s Monetary Policy Meeting. He said the CBN was working to address the supply and demand imbalances in the market and ensure stability.

Newsflash Nigeria reports that the CBN’s reforms are aimed at improving transparency, liquidity and efficiency in the foreign exchange market, as well as attracting more foreign investors and boosting economic growth.

The falling Naira has a number of negative consequences for the Nigerian economy. It makes it more expensive for businesses to import goods and services, which can lead to higher inflation. It also makes it more difficult for Nigerians to travel abroad.

The CBN is taking a number of steps to try to stabilize the Naira. These include selling more Dollars in the foreign exchange market and increasing the supply of foreign currency to banks.

It is too early to say whether these measures will be successful. However, the CBN is committed to stabilizing the Naira and ensuring that Nigeria has a strong currency.

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