Dollar sales by Deposit Money Banks and other entities at the Nigeria Autonomous Foreign Exchange Market dropped by $252m to $84.1m on Friday.

This represents a 74 percent drop from the $331.1m transactions recorded at the official Nigeria Autonomous Foreign Exchange Market on Thursday.

Meanwhile, the naira depreciated to N1,537/$ on Friday from N1,498/$ recorded at the close of trading activity on Thursday at the official market.

Analysis of data obtained from FMDQ Security Exchange showed that forex turnover plunged by 74 percent to $84.10m on Friday from $336.11m on Thursday. However, aside from commercial banks, the Central Bank of Nigeria, oil firms and multinationals also sell dollars at NAFEM.

At the parallel market, on Friday, the naira also depreciated to N1,670/$ from N1,600/$ recorded on Thursday amid a demand with a steady demand for the greenback.

Further analysis for the week ending showed that the supply started on a low at $116.11m on Monday; it increased by $292.3m to $381.92m on Tuesday but dropped to $117.87m on Wednesday. On Thursday, the supply increased to $336.11m.

Market experts hinted that the naira depreciation followed a strong demand for dollars by speculators as well as individuals travelling for business, tourism, education and health.

According to currency dealers, the demand for the greenback may not end anytime soon.

The FMDQ report indicated that the banks led others to sell $1.97bn in the first week of the CBN circular which had mandated banks not to exceed a new threshold in their FX prudential guidelines.

In a series of guidelines, the CBN had ordered Deposit Money Banks to sell their excess dollar stock. It also warned lenders against hoarding excess foreign currencies for profit.

On Thursday, the apex bank released another set of guidelines that stopped banks from paying Personal Travel Allowance to their customers.

In a second circular signed by its Director, Trade and Exchange Department, Hassan Mahmud, it also asked International Oil Companies not to repatriate all their revenue to their parent companies at once. The apex banks also, in the third circular, reviewed its guidelines to stop under-invoicing of exports and over-invoicing of imports.

Nevertheless, despite the Central Bank’s efforts to boost forex supply through various policy interventions, challenges persist in the forex market.

The gap between the rates in the official market and the parallel market is once again widening, raising concerns about the potential resurgence of round-tripping activities.

In response to the circular, banking institutions and IMTOs have begun the implementation, carrying out operational adjustments to accommodate the revised remittance framework by issuing notices to their customers.

Ogiame:
“We need his BRAIN not his BODY”

“He has been planning for prezidensi since 20 yaaz”

“He built Lagos with half bag of cement and Tamed the pacific Ocean”

“He has First Class degree in Akantin”


“Jagaban is a Master strategist, Obi is a mere trader”




All these and many more were said by his clownish supporters.

See how our Naira and Economy is nose diving... It is safe to call Tinubu an Ineffectual incompetent buffoon.

Ogiame:
“We need his BRAIN not his BODY”

“He has been planning for prezidensi since 20 yaaz”

“He built Lagos with half bag of cement and Tamed the pacific Ocean”

“He has First Class degree in Akantin”


“Jagaban is a Master strategist, Obi is a mere trader”




All these and many more were said by his clownish supporters.

See how our Naira and Economy is nose diving... It is safe to call Tinubu an Ineffectual incompetent buffoon.

PARADIZEPRIEST:
you don't rebuild an 8years damaged economy in 10months.So stop being sarcastic and face reality with positivism. Look at the economic matrixes,it will oscillate like tidal till things normalize

Whalis:
If Nigeria remains in Timubus hand till May it may not be a smiling history.

PARADIZEPRIEST:
this is what happens when experts are working the ropes to solve an albatross caused by predessesors, half literates and illiterates are busy rantning in a very lowsy manner. Go get financial edu and stop this ...

Ogiame:
When you finish blowing unnecessary grammar, please drink water and tell your president that.


For now, this your shalaye is worthless to an average Nigeria.

PARADIZEPRIEST:
You ppl are not exporting oil as before to earn more dollars as most of naija crude oil money sadly had been stolen in last 8years waste of govt,with intense buha govtcomplicite oil theft,so stop importing nonsense into Nigeria and naira will be OK.
Stop importing nonsense e.g
STOP IMPORTING SHOE POLISH, NAIL POLISH, KITCHEN UTENCILS

STOP IMPORTING LUXURY CARS FOR GOVT PUBLIC SERVANTS,GO TO INNOSON LEASE BULLETPROOF SUVS ,

STOP BUYING STUPID FOREIGN BUILDING MATERIALS LIKE FOREIGN PAINTS AND POP

STOP IMPORTING USELESS FOREIGN FURNITURES

STOP IMPORTING NONSENSE ASHOEBE MATERIALS FROM DUBAI

STOP IMPORTING CRAZY THINGS LIKE HUMAN HAIR AND ASETHETICS
ETC
YOUR LONG THROAT FOR ALL THESE NONSENSE SHOULD STOP IMMEDIATELY TO STRENGTHEN THE NAIRA angry

CBN SHOULD CONTROL ALL FORM M FORTHWITH ,DONT TRUST ANY BANK WITJDOLLARS EVER AGAIN.
AND GIVE FOREX ONLY FOR NECESSITIES TO IMPORT MATERIALS AND MACHINERIES TO BOOST AGRIC FOOD PRODUCTION,FOOD STORAGE REFRIDGERATED TRUCKS,ESSENTIAL VEHICLES FOR HEALTH,LOGISTICS ,AND SECURITY VEHICLES ETC.ANY THING OUTSIDE THIS LIST IS ANTI PEOPLE WELLBEING AND ANTINAIRA.QED.

Ogiame:
“We need his BRAIN not his BODY”

“He has been planning for prezidensi since 20 yaaz”

“He built Lagos with half bag of cement and Tamed the pacific Ocean”

“He has First Class degree in Akantin”


“Jagaban is a Master strategist, Obi is a mere trader”




All these and many more were said by his clownish supporters.

See how our Naira and Economy is nose diving... It is safe to call Tinubu an Ineffectual incompetent buffoon.

PARADIZEPRIEST:
you don't rebuild an 8year damaged economy in 10months.So, stop being sarcastic and face reality with positivism. Look at the economic matrixes,it will oscillate like tidal waves till things normalize

Ezeama400:
Tinibu is a disaster