Nigeria Economic Update (Issue 15)

Issue 15

Nigerian Naira depreciated by 1.2 percent at the parallel foreign exchange market between April 7, 2017 and April 14, 2017. The naira exchanged at N410/$ as against N405/$ the previous week. Despite the CBN’s weekly dollar sales to BDCs ($20,000 to each BDC in the review week) and spot market sales of $100 million to SMEs, the naira’s depreciated in the week. This may likely be attributable to speculative motives (on the basis that speculators likely anticipate that the CBN forex interventions may not be sustainable). 

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