Naira falls across forex markets as dollar supply eases

About September 7 and now, more than $450 million was sold to BDCs by the regulator.
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Dollar for Naira

On Monday, the Nigerian Naira depreciated against the US dollar in separate sectors of the foreign exchange market.

The local currency closed at N460 to a black dollar, 0.66 per cent weaker than the close of the previous session of N457, Bureaux De Change (BDCs) awaiting fresh supply of the Central Bank of Nigeria's greenback.

Naira has risen by 7.8 per cent against the dollar over the past week, supported by central bank policies directed at importers and exporters in an attempt to stimulate dollar production on the currency market and ramp up banks by rising traders' forex demand.

About September 7 and now, more than $450 million was sold to BDCs by the regulator.

Meanwhile, Naira plummeted against the dollar at the over-the-counter spot market, alternatively called the Investors and Exporters (I&E) forex window, closing at N386 to the U.S. currency, 0.04 per cent weaker than Friday's close of N385.83.

Naira hit a dollar intraday peak of N384 and oscillated to a low of N392.89 before settling for an N386 near.

The I&E window's Forex value contracted by 24.1%, slumping from $134.83 million to $102.35 million.

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