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CBN’s decision drags Naira to ends week with 2.18% loss to dollar

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Nigeria’s currency lost 2.18 percent of its value to the dollar this week on the parallel market known as the black market.

Naira had begun the week at the black market at N504.00 per $1 the same rate it closed the previous week. While the official market (Investors and Exporters Window) at N411.50 per $1.

However, as a result of the Central Bank of Nigeria’s (CBN) decision to stop selling forex to Bureau De Change operators, the naira fell against the US dollar on Tuesday.

The Naira fell to N505.00 per $1, the first change in three trading sessions. Also, the official market rate fell to N411.67 per $1.

The reaction continued on Wednesday, with the Naira experiencing the greatest depreciation against US dollars.

Data from AbokiFX on Wednesday recorded the Naira at the black market exchanging to the U.S dollars at N525/$1 while the official market closed at N411.60 rate to the fiat currency.

On Thursday, the pressure and uncertainty surrounding the CBN’s forex ban on BDCs subsided, and the Naira gained on the black market.

Data shows Naira traded at N520.00 per $1, this represents a N5.00 or 1.00 percent appreciation from the N525 it traded on Wednesday.

Naira gained further on Friday at the black market to close at N515.00 per $1 at the black market window on Friday. While the official market closed at N411.44 per $1.

Despite the gains on Friday, the Nigerian currency lost 2.18 percent of its value against US dollars on the black market this week. While the official market rate gained 0.01 percent.