The Nigerian currency has recorded another loss against the US dollar in all foreign exchange markets.
Data from FMDQ securities shows that the naira crashed to N1485.36 on Thursday, June 20, 2024, on the official Nigerian Autonomous Foreign Exchange Market (NAFEM).
The closing rate on Thursday represents a 0.22% or N3.34 depreciation of the naira compared to the previous day’s closing rate of N1,482.02.
The pressure on the naira was evident, as during intraday trading at the NAFEM window, some participants paid as high as N1,495 to purchase a dollar and the lowest rate during trading was N1,434.08.
On Thursday, June 20, the total forex transactions stood at $176.20 million.
The CBN data also showed that the naira lost N13.57 against the British pound sterling to sell for N1,884.09/£1 compared with midweek’s closing price of N1,870.52/£1.
The naira also depreciated by N15.05 against the euro, selling at N1,591.24/€1 versus the previous day’s N1,576.19/€1.
In the black market, the Nigerian currency suffered a N5 loss against the US Dollar on Thursday, settling at N1,490/$1 compared with Wednesday’s exchange rate of N1,485/$1.
TimesNow.com.ng earlier reported that Nigeria’s foreign exchange (forex) reserves increased by $195.01 million to $32.64 billion, indicating that the market is expected to have more liquidity.
The recent accretion marked the fourth consecutive increase in foreign exchange reserves after a month of declines.
The reserves increased by $89.76 million the week before. Before this, it had increased by $10.76 million and $132.68 million.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
