Facebook Twitter Instagram
    Trending
    • Health Implications Of Skin Bleaching
    • Google To Shut Down Hangouts, Urges Users To Switch To Chat
    • People Indulge In Skin Bleaching Due To Inferiority Complex- Skin Experts
    • Breaking: Court Throws Out Fresh Bail Application For Nnamdi Kanu
    • MTN’s MoMo PSB Loses $53m In Security Breach, Heads To Court For Refund From Involved Banks
    • Full List: Tems Makes History, Others Win Big At BET Awards 2022
    • Nigerians To Pay More For Non-Alcoholic Beverages As FG Enforces N10 Per Litre Sugar Tax
    • Banks Record N1.21tn Non-Performing Loans
    Facebook Twitter Instagram YouTube
    Sync News NigSync News Nig
    • NEWS
      • Business & Economy
      • Politics
      • Banking & Finance
      • Tech & Innovation
      • Health
      • World
    • BRAND NEWS
    • SPORT
      • Football
      • Boxing
      • Basketball
    • ENTERTAINMENT
      • Celebrities
      • Music
      • Movies
    • FEATURED
    • TRAVELS & LIFESTYLE
      • Beauty &Health
      • Fashion
      • Food, Travel, Arts & Culture
      • Relationships & Weddings
    • SYNC TV
    Sync News NigSync News Nig
    Home»News»Naira Plunges Further As Foreign Reserves Gain $600 Million In One Week
    News

    Naira Plunges Further As Foreign Reserves Gain $600 Million In One Week

    Deborah AdegokeBy Deborah AdegokeSeptember 20, 2021Updated:September 20, 2021No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Nigeria’s local currency, Naira, faced severe pressures last week, forcing it to a record a plunge against the US Dollar in both the parallel market and Investors and Exporters (I&E) window.

    This came at the backdrop of the $600 million accretion to the nation’s foreign reserves during the week. In the parallel market the exchange rate rose to N570 per dollar on Friday from N540 per dollar the previous week, losing N30, the highest in recent years.

    In the I&E window, the Naira depreciated by 88 kobo as the indicative exchange rate dropped to N412.88 per dollar on Friday from N412 per dollar the previous week.

    However, the volume of dollars traded   (turnover) in the window rose by 35 per cent to $975.63 million last week from $724.11 million traded the previous week.

    Meanwhile, data on the Central Bank of Nigeria (CBN) website showed that the nation’s foreign reserves gained $600 million  as the gross amount   rose to $35.4 billion on Friday from $34.8 billion the previous week.

    The liquid amount also grew by $600 million to $35.1billion on Friday from $34.5 billion the previous week.

    These were coming as the members of the Central Bank of Nigeria, CBN, Monetary Policy Committee, MPC, applauded the apex bank on management of exchange rate thereby urging the apex bank to take further  steps to restrict the activities of unauthorised and illegal dealers in the foreign  exchange market.

    CBN Freezes Accounts Of Four Fintech Companies Over Illegal Trading

    The communiqué of the MPC meeting held last week in Abuja stated: “On the management of the exchange rate, the Committee applauded the Bank for improving foreign exchange supply in the economy to meet legitimate  business and consumer demand.

    “Members thus, urged the Bank to take further steps to restrict the activities of unauthorised and illegal dealers in the foreign exchange market, stating that all foreign exchange transactions must be  conducted at the I&E window to ensure transparency and stability.

    “The Committee, thus, called on the Bank to intensify surveillance over foreign  exchange sales and utilisation by commercial banks and customers, to ensure that operators adhere to stipulated guidelines set by the CBN.

    “The Bank thus, maintains its resolve to continue to restructure the foreign exchange market and will pursue all recent policies targeted at sanitizing the market to improve transparency and proper functioning to eliminate illegal foreign exchange dealers in the economy.”

    dollars Naira Naira Depreciate
    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
    Deborah Adegoke

    Related Posts

    Health Implications Of Skin Bleaching

    June 28, 2022

    Google To Shut Down Hangouts, Urges Users To Switch To Chat

    June 28, 2022

    People Indulge In Skin Bleaching Due To Inferiority Complex- Skin Experts

    June 28, 2022

    Leave A Reply Cancel Reply

    Recent Posts
    • Health Implications Of Skin Bleaching
    • Google To Shut Down Hangouts, Urges Users To Switch To Chat
    • People Indulge In Skin Bleaching Due To Inferiority Complex- Skin Experts
    • Breaking: Court Throws Out Fresh Bail Application For Nnamdi Kanu
    • MTN’s MoMo PSB Loses $53m In Security Breach, Heads To Court For Refund From Involved Banks
    Recent Comments
    • Arsenal Beat Liverpool On Penalties To Lift Community Shield - on Chelsea Sign Former PSG Defender Thiago Silva On Initial One-Year Deal
    • Exceptional Keto Diet on Airtel Partners Standard Chartered Bank To Expand Fintech Business
    • Keto Genics BHB on Airtel Partners Standard Chartered Bank To Expand Fintech Business
    • Exceptional Keto Diet on Airtel Partners Standard Chartered Bank To Expand Fintech Business
    • www.ortovivaistica.it on President Buhari Extends Eased COVID-19 Lockdown By Four Weeks
    Archives
    • June 2022
    • May 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • March 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • December 2018
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    Facebook-f Twitter Instagram
    • Banking & Finance
    • Business & Economy
    • Health
    • Politics
    • World
    • Tech & Innovation

    Copyright ©, 2020-2021 syncnewsng.com. All Rights Reserved