Forex Crisis: Naira appreciates twice, drops thrice in seven days
The Naira recorded two appreciations and three depreciations in the last week amid the foreign exchange crisis.
The development comes as the Naira closed on Friday at N1497.33 per dollar.
This is an appreciation compared to N1533.99 on Thursday.
Accordingly, the Naira appreciated N1459.02 and N1497.33 per dollar on Wednesday, 15th, and Friday, May 17, respectively, in the week under review.
Conversely, on Monday, May 13, Tuesday, May 14, and Thursday, May 16, the Naira depreciated N1478.1, N1520.40, and N1533.99, respectively.
In the last seven days, the Naira has lost N31.02 compared to the N1466.31 per dollar it traded last Friday.
Meanwhile, at the parallel market section, the Naira gained N42 against the dollar, trading at N1475 per dollar on Friday compared to N1,517 on Monday.
This is because dollar transactions at the official market remained low, closing at $83.50 million on Friday.
Bureau De Change Operators blamed poor foreign exchange allocation from the Central Bank of Nigeria on the Naira depreciation.
CBN recently approved 14 International Money Transfer Operators to boost foreign currency remittances into Nigeria.
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