Nigeria: Naira weakens to 1,523/$ at official market

The naira weakened against the US dollar at both the official Nigerian Autonomous Foreign Exchange Market (NAFEX) and the parallel market on Monday.
 At the official NAFEX window, the naira depreciated to 1,523.85/$ from the previous close of 1,509.67/$, a 0.93% decline.
The naira traded within a range of 1,540.75 and 1,474.05 at the official market, with turnover increasing to $133.46 million from $116.88 million on Friday
On the parallel market, The PUNCH findings revealed that the naira depreciated by 0.33 per cent, ending the day at 1,528 per dollar compared to 1,523 per dollar on Friday.

Last week, the foreign exchange market experienced relief for the naira due to reduced speculative activities, causing the naira to strengthen against the United States American dollar across market segments.

At the end of the first half of 2024, the naira emerged as the worst-performing currency in the world

Leave a Reply

Your email address will not be published. Required fields are marked *