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After touching a new all-time low of N710 per dollar in late July, a new report says the Nigerian currency has rebounded by as much as 10%. After initially blaming speculators, the Central Bank of Nigeria has said importers who fail to remit forex earnings may be contributing to the naira\u2019s depreciation. <\/strong><\/p>\n Less than two weeks after it tumbled to a new all-time low, the Nigerian currency recovered against the U.S. dollar on the parallel market and went to close trading at N640 per dollar on August 3. This rebound represents a recovery of approximately 10% from the currency\u2019s late July low of over N710 for every dollar.<\/p>\n According to a Businessday report,<\/a> the increased supply of dollars, as well as the cooling demand for the greenback, had contributed to the naira\u2019s rebound. However, before the currency\u2019s recovery, the naira\u2019s rapid depreciation had prompted the country\u2019s lawmakers to seek answers from Central Bank of Nigeria (CBN) governor Godwin Emefiele.<\/p>\n During his appearance before the lawmakers, Emefiele, who had previously blamed<\/a> speculators for causing the currency\u2019s slide, reportedly claimed<\/a> that the Nigerian National Petroleum Company (NNPC)\u2019s failure to remit funds into the foreign reserve had also contributed to the naira\u2019s plunge. However, some local reports have quoted<\/a> officials from the NNPC rejecting the claims made by the CBN governor.<\/p>\n<\/p>\nNaira Depreciation<\/h2>\n