Naira depreciates as financial market awaits Chinese Yuan auction result Friday


The nation’s currency on Thursday depreciated against the U.S dollar at the investors and exporters (I&E) forex window as the financial market awaits the release of the result for the Chinese Yuan auction held last week by the Central Bank of Nigeria (CBN).

Godwin Emefiele, governor of CBN had on Tuesday after the Monetary Policy Committee (MPC) disclosed that the result will be released today (Friday).

After trading on Thursday, naira lost 0.11 percent to close at N361.86k per dollar as against N361.45k/$ traded the previous day at the I&E forex window, data from FMDQ indicated.

Naira also weakened by 0.14 percent at the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) as it closed at N361.93k/$ on Thursday from N361.43k per dollar on Wednesday. The local currency was stable at the CBN official window, closing at N305.90k per dollar.

At the Bureau De Change segment of the foreign exchange market, naira was quoted at N360 to the dollar. Against other currencies it traded at N480 against the British Pounds and N420 against the Euro at the BDC segment.

The CBN last week Friday, July 20, 2018, flagged off its intervention in the sale of foreign exchange in Chinese Yuan (CNY), signaling the consummation of the Bilateral Currency Swap Agreement (BCSA) signed with the People’s Bank of China (PBoC) on April 27, 2018.