According to reports, Anaedoonline.ng learnt that at the Investor & Exporter forex window, the exchange rate hit a high of N412/$ before closing at N410.05.
The Central Bank of Nigeria recently disclosed that the naira depreciated at the official market to N410 against the dollar.
“In order to adjust for the decrease in the supply of foreign exchange, the naira depreciated at the official window from 305/$ to 360/$ and now hovers around 410/$,” it stated.
Read Also: Unemployment Rate Hits 33.3% Leaving Over 23 Million Nigerians Jobless
This was an increase of $1.25bn from $4.37bn intervention in the economy by the banking regulator in the third quarter.
It stated, “The bank maintained its periodic interventions in the foreign exchange market to boost liquidity, enhance access to foreign exchange, curb unbridled demand and ensure stable exchange rate.
Read Also: Naira Recovery Against Dollar To Begin February 2021 – CBN Reveals
“During the fourth quarter of 2020, total foreign exchange sales to authorised dealers by the bank stood at $5.62bn, an increase of 28.7 per cent above the level in the preceding quarter.
“This was attributed, largely, to the increased interventions in the BDC and I&E windows during the quarter.”
More details coming…
Follow us on Facebook
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.