The naira dropped by1.01 per cent compared to the N740.38 it exchanged for the dollar after the close of business on Sept. 1. The open indicative rate closed at N772.06 to the dollar on Monday.
Dollar sales by banks, as well as willing buyers and willing sellers dropped by 26.59 percent to $66.43 million on Monday from the previous decline of $84.10 million on Friday.
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In the parallel market window, the local currency crashed against the US Dollar on Friday by N20 to settle at N1,200/$1, in contrast to Thursday's closing price of N1,180/$1.
The CBN reported selling $876.26 million to 26 banks at a rate of N1,495 per dollar. These gains occurred despite the ongoing hunger protests that began last Thursday, disrupting economic activities in some states across the country.
The ongoing strain on foreign exchange, which was made worse by the Naira falling as low as N1,310 to the dollar, began to lessen on Wednesday as demand decreased marginally.
Also, in the parallel market, the naira appreciated by 0.78 per cent against the US dollar, trading at N1,608 compared to the previous figure of N1,614 per USD.
The figure represents a 4.38 per cent depreciation to close at N904.56/$1 at the close of business on Wednesday. The development comes despite the dollar supply increasing by 22 per cent to $120.89 million on Wednesday.
The naira had exchanged N456 to the dollar to N455 yesterday at the parallel market as the apex bank cleared the BDCs for a $25 million auction to be sold by international money transfer firm Travelex to BDC operators at N381 naira per dollar
The exchange rate had hit an intraday high of N1,414.94 per dollar on the day as the daily FX market turnover dropped by 36.68 percent to $64.29 trillion on Monday from $100.97 million recorded on Friday.
The Naira depreciated significantly against the US dollar at the close of work on Friday. This is as FX supply turnover dropped by 74 per cent to $84.10 million despite the Central Bank of Nigeria's recent interventions.
This is as dollar supply fell by 4.94 per cent to $135.58 million from $142.63 million on Wednesday. Meanwhile, the Naira maintained stability in the parallel market, exchanging at N1175/$1 and 1170/$1 on Thursday compared to Wednesday.
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