The naira fell sharply against the US dollar on the parallel market on Tuesday, trading at N900 to the dollar based on market quotes, down from N840 last week. This represents a steep depreciation despite recent government efforts to shore up supply.
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Analysts attributed the slide to mounting demand pressures, even as the Tinubu administration has indicated resolve to tackle the rapid depreciation. Measures like the NNPC securing a $3.5 billion loan to boost supply had temporarily buoyed the naira, but demand issues persist.
Operators suggested the initial, slight appreciation this week was due to speculator worries over potential gains, which proved short-lived. “We’ve heard much from government but are yet to see the dollar flow. Maybe when it starts the exchange rate will strengthen,” one operator noted.
The announcement that BDCs will be re-inducted into the forex market per new protocols had been welcomed for its potential to improve liquidity. However, recent revelations that the CBN held just $3.7 billion in net reserves as of December 2022 has rattled analysts.
On the official I&E window, the naira settled at N770/$1 on Tuesday, dropping from the previous day’s N761.32. Analysts hope the various interventions will impact the parallel market soon, where widening premiums have persisted despite authorities discouraging speculation.
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