Naira continues to struggle, closes week at N1,537 at official market

The local currency further depreciated on Friday as naira closed at N1,537.96 at the official market.

Daily Trust reports that the naira suffered the worst depreciation in recent times crossing N1,500 at the official market.

The rate juggled between N1,500 and N1,515/$ throughout the week and only strengthened on Thursday, closing at 1,499 at the Nigeria Autonomous Foreign Exchange Market (NAFEM).

But it closed the week again with N1,537 a day the Central Bank of Nigeria (CBN) issued a series of circulars aimed at stabilising the forex market.

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The apex bank has set a limit on foreign currency transfers from crude export proceeds by international oil companies to their parent firms.

In a circular dated February 14, the CBN said banks could in the first instance transfer a maximum of 50% of crude export proceeds to oil companies abroad.

Also the bank issued another circular stopping payment of cash for basic travel allowance (BTA) and Personal Travel Allowance (PTA).

Despite this, the local currency remains defiant, losing N40 in value to the US Dollar while the British pound also exchanged for N1912.4400 at the official market.