Victor Ezeja
After weeks of intense monetary policy actions to stabilize the value of the naira, the local currency on Wednesday, 28 August dropped to ₦1606.56 per dollar.
This is the lowest in three weeks. The last time the exchange rate exceeded the N1600 per dollar mark at the official market was on Tuesday, 6 August when it exchanged N1,601 against the dollar.
Join our WhatsApp ChannelAccording to data from the FMDQ Securities and Exchange, the official trading platform of the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira lost N12.29 when compared to previous day’s trading of N1,594.27 against the dollar.
According to the NAFEM data, there was an intraday high of N1,615.00 and a low of N1,511.00. Also, there was a surge in daily FX transaction turnover from $156.94 million on Tuesday, 27 August to $160.94 million on Wednesday.
READ ALSO: Naira Opens Week With Losses As Exchange Rate Rises To ₦1596/$ At Official Market
The naira depreciation has persisted despite intervention of the Central Bank Nigeria (CBN) which injected millions of dollars in the last one month to boost supply of FX in the foreign exchange market.
The latest was the Retail Dutch Auction System in which the CBN sold over $800 million to end users through bids submitted by their banks.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
