Naira sinks further against dollar
Naira sinks further against dollar
The naira has further depreciated against the dollar in the foreign exchange market in the last nine days.
FMDQ data showed the naira weakened to N1510.10 against the dollar on Thursday from N1507.83 on Wednesday.
This represents N2.27 loss against the dollar compared to N1507.83 traded the previous day.
Similarly, at the parallel market, the naira depreciated to N1520 per dollar on Thursday from N1505 traded the previous day. This shows that the naira lost N15 at the parallel market on Thursday.
Since June 18, 2024, the naira has continued its depreciation streak against the dollar, as it exchanged at N1482.72 per dollar.
The Central Bank of Nigeria recently discontinued its Price Verification System Portal for importers.
The implication is that importers with ‘Form M’ no longer need PVS as a requirement to access forex from CBN.
Bismarck Rewane, the Chief Executive Officer of Financial Derivatives, had earlier said the discontinuation of PVS “is good news for the foreign exchange market, I think we will see some stability in the market now.”
Naira sinks further against dollar