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The naira has depreciated in value against the US dollar in the official foreign exchange markets.The naira recorded poor performance due to low forex supply in the official FX NAFEM windowThe Central Bank of Nigeria has revealed that foreign reserves have increased, offering hope for a stronger naira in the futureLegit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian naira has weakened further against the US dollar in the official Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to data from FMDQ Securities, the naira closed at N1,650.20/$1 on Thursday, November 14, 2024.
Naira’s value drops in the official foreign exchange market.
Photo credit: Bloomberg/contributor
Source: Getty ImagesThe latest exchange rate represents a N4.80 or 0.29% appreciation compared to the N1,645.40/$1 previous day’s exchange rate.
The naira is under severe pressure amid seasonal demand ahead of the festive season.
The daily supply of FX to NAFEM slumped by $22.11 million or 9.3% to $214.73 million from $236.84 million.
A BDC trader confirmed another fall in the naira in the black market.
Abudulahhi, one of the traders who spoke to Legit.ng noted:
“Naira also depreciated against the dollar by N5 to close at N1,745/$1, in contrast to the previous day’s N1,740/$1.”It was a different outcome for the naira compared to the pound sterling and the euro in the official market.
Data from the CBN showed that the naira rose against the pound sterling in the official market by N7.71 to sell at N2,100.54/£1 compared with the preceding session’s N2,108.25/£1.
It followed the same route against the euro as it appreciated by N10.93 to quote at N1,746.36/€1 versus the preceding rate of N1,757.29/€1.
Latest naira exchange ratesPounds sterling: N2,100.54Euro: N1,746.36Swiss franc: N1,864.39Yen: N10.63CFA: N2.68Riyal: N441.57Danish krona: N234.10IMF predicts naira stabilityLegit.ng reported that the International Monetary Fund has predicted that the naira will improve due to the Central Bank of Nigeria’s efforts to clear foreign currency backlogs and recent interest rate hikes.
IMF stated this in its most recent Global Financial Stability Report.
Source: Legit.ng
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