Naira depreciates against dollar in forex panic

Nigeria’s foreign exchange market has come under severe pressure leading to significant depreciation of the local currency, Naira, across all market segments. Yesterday the naira suffered its biggest daily depreciation of N8.5 against the US dollar in the parallel market since 2017, as the exchange rate rose sharply to N367 per dollar from N358.5.

At the Investors & Exporters (I&E) window, the exchange rate jumped to N368.33 per dollar from N366.75, losing N1.58, the biggest daily depreciation since 2017, when the window was introduced. Meanwhile, Brent Crude was plunging 3.4 percent at $35.95, while WTI Crude was down 3.26 percent at $33.24.

Bonny light sold for $36.74, which showed 1.29 percent decrease.  Last Friday, Bonny light sold for $46.27 per barrel, while on Monday, it sold for $45.27 per barrel.  It further took a downward trend on Tuesday, as it sold for $37.22 and dipped further to $36.74 yesterday.

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