Naira Depreciates to N368/$1, CBN Takes Fresh Measure to Maintain Stability


Obinna Chima

The naira depreciated against the United States dollar by N6 on the parallel market yesterday, as it closed at N368/$, its lowest level in more than a year, due to increased demand for the greenback as the Yuletide season draws closer.

However, as part of the efforts to address the rising demand for the dollar, the Central Bank of Nigeria (CBN) yesterday announced special intervention of foreign exchange sales to Bureau De Change (BDC) operators.

In a letter to the currency dealers dated November 29, the apex bank explained that: “With the approach of the yuletide season and the resultant increase in demand for personal travel allowance, the CBN has in addition to the existing market days (Monday, Wednesday and Friday), introduced a special intervention day of every Thursday $15,000 per BDC commencing on Thursday, December 6,…

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