Naira To US Dollar: Nigeria’s Currency Loses ₦40 In Value To Close The Week

Despite all measures taken recently by the Central Bank of Nigeria (CBN), the country’s currency, Naira, depreciated by ₦40 against the US Dollar, whereas the British pound traded at ₦1912.4400 in the official market to close the week.

Naija News understands that the official market witnessed a further decline in the local currency, with the naira closing at ₦1,537.96.

This depreciation is considered the most severe in recent times, as the naira crossed the ₦1,500 mark at the official market.

Throughout the week, the exchange rate fluctuated between ₦1,500 and ₦1,515/$, but it briefly strengthened on Thursday, closing at 1,499 at the Nigeria Autonomous Foreign Exchange Market (NAFEM).

However, by the end of the week, the naira depreciated again, reaching ₦1,537.

This occurred on the same day that the CBN issued a series of circulars aimed at stabilizing the forex market.

One of the measures implemented by the CBN includes setting a limit on foreign currency transfers from international oil companies to their parent firms using crude export proceeds.

In a circular dated February 14, the CBN said banks could, in the first instance, transfer a maximum of 50% of crude export proceeds to oil companies abroad.

Also, the bank issued another circular stopping payment of cash for basic travel allowance (BTA) and Personal Travel Allowance (PTA).