Nigeria’s Currency Loses N40 In Value To Close The Week

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Despite all measures taken recently by the Central Bank of Nigeria (CBN), the country’s currency, Naira, depreciated by N40 against the US Dollar, whereas the British pound traded at N1912.4400 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 N1,537.96.

This depreciation is considered the most severe in recent times, as the naira crossed the N1,500 mark at the official market.

Throughout the week, the exchange rate fluctuated between N1,500 and N1,515/$, 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 N1,537.

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).

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