The naira fell to a four-month low on Tuesday at the official window as it traded at 1621. 12/dollar compared to N1611. 40/dollar on Monday.

This marked a 0.60 per cent depreciation from the previous day’s close.

This is despite recent interventions of the Central Bank of Nigeria during which it sold dollars to authorised dealers and eligible Bureau De Change operators, suggesting that foreign exchange demand continues to outweigh supply.

“In the interim, we expect the naira to remain weak, driven by tight market liquidity due to the CBN’s limited capacity to significantly intervene in the FX market,” Cordros Capital Limited recently said in an update.

The CBN Governor, Olayemi Cardoso, said that the central bank was not interested in defending the naira but allowing the market forces to determine the price and that it would merely step in to provide liquidity in specified segments of the market.

At the close of Monday’s trading, the naira fell to 1,611.40/$ on the Nigerian Autonomous Foreign Exchange Market domiciled on the FMDQ Securities Exchange.

The depreciation of the naira reversed the gains recorded last week.

The naira closed at 1,611.40/$ on Monday, about 0. 13 per cent weaker compared to the close of 1,609/$ on Friday.

The daily turnover stood at $179.34m compared to $168.3m on Friday with an intra-day high of 1,622/$ and an intra-day low of 1,500/$.

At the black market on Tuesday, the naira traded as high as 1,630/$.

A ship equipment merchant in the Apapa area of Lagos, who spoke with The PUNCH off the record, disclosed how he had agreed to sell a piece of equipment at the rate of 1,550/$ on Monday evening only to wake up to higher rates on Tuesday.

https://punchng.com/naira-falls-to-1621-at-official-market/

$1 is now N1,621 and Tinubu is just starting with Nigeria. He has already borrowed half of the money Buhari borrowed in 8yrs.

When we told them floating naira will have serious consequence since we ain't a producing country, dem say we no love Nigeria. Here we are today as a result of policy-somersault.

Cardoso is working

Master strategist with no strategy!

Gwo gwo gwon gwo! Cardoso and zombies have stopped overhyping his competence and blame game. Meanwhile, the efulefu - Reno Omokri have long left off the buy Naija grow Naija and insult of Peter Obi cum Arise TV nonsense. Aisha Yesufu was very correct. Shame on these bastards. Never believe anything the APC tells you.

Antoeni:
$1 is now N1,621 and Tinubu is just starting with Nigeria. He has already borrowed half of the money Buhari borrowed in 8yrs.

Two disasters and catastrophes Nigeria never deserves but foist upon itself by wicked people.

They will soon blame protesters for this failed record

Una nefa chii chom chim. Ebi piawaa uni azu there

Nothing to cheer about in this country.