According to data published by FMDQ, naira closed Tuesday at
N1,482.57 per $1 at the official market. The rate represents 10 per cent
depreciation from N1,348/$1 the domestic currency traded in the previous
session on Monday.
Meanwhile, the local currency also depreciated further at
the unauthorised market on Tuesday amidst lingering dollar scarcity and high
demand.
According to parallel market rates posted on Tuesday, the
dollar was exchanged at N1,491.00 per $1 at the black market segment.
This implies that the spread between the official and
unofficial window stands at N8.4.
Concerns
In the face of the continuous depreciation of the naira, the
CBN has blamed inadequate dollar liquidity for the uncertainty, promising to
boost supply and clear the pending backlog of foreign exchange demand.
On Tuesday, the CBN announced that it had cleared all
verified dollar backlogs to foreign airlines operating in the country, after
injecting an additional $64.44 million into the sector.
The central bank said the latest payment brings the total
amount disbursed to the aviation sector to $136.7 million.
In a circular published Monday, the CBN raised concerns over
traders reporting “inaccurate and misleading information,” including
under-reporting of transaction pricing, which it claimed affects the exchange
rate.
“Deliberate attempts to create price distortions by
reporting false transaction details amounts to market manipulation which will
not be tolerated and will henceforth face sanctions,” the CBN said.
The bank also noted that it is committed to a
well-functioning and transparent market that functions on a willing buyer,
willing seller basis, with prices quoted and displayed transparently.