The naira continued its nosedive as it depreciated to N498 at the parallel market despite being stable at the Investors’ and Exporters’ window yesterday.
Having depreciated to N495 to the dollar last week following the adoption of the Nigeria Autonomous Foreign Exchange (NAFEX) rate by the Central Bank of Nigeria (CBN), the naira remained unmoved on Monday at both I&E window as well as the parallel market.
On Monday, it closed at N495 to the dollar at the parallel market and maintained the N412 rate at the NAFEX window. It however depreciated by N3 at the parallel market yesterday while it closed at N412 at the NAFEX window.
Meanwhile, the external reserves continued to deplete as the 30-day moving average stood at $34.24 billion as at May 28, 2021, the latest figure on the website of the CBN. This is a 1.6 per cent depreciation compared to the 30-day moving average of $34.78 billion at the beginning of May.