Naira Weakens Further To N1,490.20/$1 On Official Market

The naira depreciated further on the official market yesterday, closing at N1,490.20/$1 compared to N1,485.53/per dollar, on Friday, data from FMDQ shows.

According to forex traders, the local currency also weakened on the parallel market yesterday, dropping to N1,495 per dollar compared toN1,490/$1 last Friday.

Analysts noted that the naira has in recent weeks stabilised at slightly below N1,500 per dollar in the foreign exchange markets, occasioned by Central Bank of Nigeria (CBN) interventions.

Indeed, in its latest economic outlook released yesterday, professional services firm, PricewaterhouseCoopers (PwC Nigeria) Nigeria stated: “ Interventions by CBN may cause the naira to stabilise in the long-term.

However, these interventions may become subdued in the absence of improved capital flows and export proceeds to the foreign reserves.”