Naira lost N169 against dollar in seven days

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The naira recorded a weekly depreciation of N169.24 against the US dollar in the foreign exchange market on Friday.

FMDQ data showed that the Nigerian currency depreciated for the eighth time in recent days to N1339.23 per dollar at the foreign exchange market, compared to N1309.88 on Thursday at a daily depreciation of N29.35.

Similarly, in the parallel market section, the naira dropped to N1,380 per dollar on Friday from N1,370 on Thursday, recording a weekly slump of N210 from the N1,170 it raided last Friday.

The development comes despite the Central Bank of Nigeria releasing 10,000 dollars each to BDC at N1,021 to a dollar with a caveat to sell at 1.5 per cent maximum.

This is the third recent intervention for BDCs amid the bank’s effort to defend the naira.

BDC operators blamed peer-to-peer cryptocurrency platforms like Binance for the recent depreciation of the naira against the dollar in the foreign exchange market.

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