Pressure mounts on Naira, depreciates in all segments of FX market

By FELIX OLOYEDE

There is a renewed pressure on Naira as it devalued in all segments of the foreign exchange market, despite the oil prices crossing the $80 per dollar mark on Monday.

The local currency weakened against the dollar in the parallel market and Investors’ and Exporters’ Foreign exchange window of the market.

It depreciated by 80 kobo to exchange $/361 at the parallel market, while it shed 0.02 per cent to trade $/N364.09 at the I&E Forex window against N364.02/$ on Friday.

At the I&E FX window a total of $244.69 million was traded in 275 deals, with rates ranging between $/N358.00 – $/N365.00.

The Naira also lost against the Dollar at the Interbank, depreciating by 0.02 per cent to $/N306.55, while the SMIS rate remained unchanged at $/N362.52

Brent crude oil was up 0.28 per cent on Monday to $80.05 per barrel as the US fired warning to Russia against helping Iran to evade US sanctions.

Nigerian external reserves has dropped from over $48 billion in June to about $42.72 on October 19 as the central Bank continues to aggressively intervene in the forex market.