Exchange rate: Naira falls three times against dollar in seven days

The Naira experienced two appreciations and three depreciations last week amid the ongoing foreign exchange crisis.

The Naira closed at N1497.33 per dollar on Friday, an appreciation from N1533.99 on Thursday.

Specifically, the Naira appreciated to N1459.02 per dollar on Wednesday, May 15, and to N1497.33 on Friday, May 17. In contrast, it depreciated to N1478.10 on Monday, May 13, to N1520.40 on Tuesday, May 14, and to N1533.99 on Thursday, May 16.

Over the past seven days, the Naira has lost N31.02, trading at N1466.31 per dollar last Friday compared to its current rate.

In the parallel market, the Naira gained N42 against the dollar, trading at N1475 per dollar on Friday, up from N1517 on Monday. This gain occurred despite low dollar transactions at the official market, which closed at $83.50 million on Friday.

Bureau De Change operators attributed the Naira's depreciation to poor foreign exchange allocation from the Central Bank of Nigeria (CBN). In response, the CBN recently approved 14 International Money Transfer Operators to enhance foreign currency remittances into Nigeria.