Naira Plunges Further Despite CBN Intervention, Closes at N1,550/$1

The Naira closed at N1,550.36/$1 on Thursday, down from N1,538.68/$1 the previous day.

This was disclosed in the currency exchange data provided by the Nigerian Foreign Exchange Market (NFEM).

Despite the Central Bank of Nigeria (CBN) injecting over $164.95 million at rates between N1,543.09/$1 and N1,556/$1, the currency continued to decline.

AIICO Capital Limited confirmed this intervention, but it was naira

enough to stop the depreciation.

In the parallel market, the naira also lost ground, slipping by 0.32% to N1,585/$1 from N1,580 recorded a day earlier. During trading hours, it fluctuated between a high of N1,570/$1 and a low of N1,543/$1.

Against other major currencies, the naira weakened further, dropping 0.25% to N1,990 per British pound from N1,985/£1, while the euro surged by 0.61% to N1,660/€1 from N1,550 the previous day.

The continuous fall in the naira’s value is driven by strong demand for the dollar and other foreign currencies. Despite the CBN’s interventions, the currency has now declined for seven consecutive days.

Analysts believe the central bank will continue working to stabilise the naira, but the outlook seems challenging.

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