Naira loses N30 against dollar weekly amid CBN Retail Dutch Auction System

The Naira lost N30 and N28.48 at the parallel and official foreign exchange market in the last week amid the Central Bank of Nigeria Retail Dutch Auction System.

This comes as the Naira depreciated to N1645 against the dollar on Friday compared to the N1615 exchange rate recorded last week on Friday, 23 August 2024.

Similarly, FMDQ data which records official foreign market trading showed that the dropped to N1598.56 per dollar this Friday compared to N1570.14 exchanged last week.

The development means that the weakened both foreign exchange markets despite the Central Bank of Nigeria’s interventions.

Although the foreign exchange transaction turnover increased to $172.80 million on Friday from $155.52 million recorded on Thursday, the Naira fell to strengthen against the dollar in the last seven days.

The development comes weeks after the Retail Dutch Auction System was reintroduced by CBN amid a dollar demand spike.