Naira Value Dips 12% In 4 Days As Turnover Rises

The value of the Naira continued to depreciate at the official end of the market, closing on Thursday at N1,309.88 to one dollar, a 12 per cent week to date decline on the Nigeria Autonomous Foreign Exchange Market (NAFEM).

As against N1,169.99 which it closed last week on the market, the value of the naira had lost N139.89 or 12 per cent of its value within the past four days.

On Monday, the value of the naira had closed weaker at N1,234.49.

This was despite a rise in turnover which rose from $89 million to $110 million. By Tuesday, the value of the naira depreciated further to N1,300.15 to the dollar with intra day trading seeing deals consummated between N1,317 and N1000.

At the end of trading on Tuesday, a turnover of $133,65 million had been recorded and by Wednesday, the value depreciation continued as the naira closed at N1,308.52 to the dollar with trades consummated between N1,367 and N1,098 to the dollar.

Turnover at the market continued to rise standing at $197.54 million.

However by Thursday, the value of the naira depreciated slightly to N1,309.88 to the dollar, with intraday deals consummated between N1,439 and N1,000 whilst turnover rose significantly to $318.08 million.

Traders note that the deprecation in the value of the naira was due to market forces as demand continue to outstrip supply.

The Central Bank of Nigeria (CBN) on Monday sold dollars to Bureau de Change operators.