The Nigerian naira has again performed poorly in the official and unofficial foreign exchange markets against the US dollar.
In the official market, known as the Nigerian Autonomous Foreign Exchange Market (NAFEM), data from FMDQ Securities indicates that the naira fell to N1,490.20 against the US dollar on Monday, June 24, 2024.
The closing rate on Monday represents a N4.67 or 0.31 depreciation of the naira compared to the previous day’s closing rate of N1,485.53/$1 on Friday, June 21.
The pressure on the naira was evident, as during intraday trading at the NAFEM window, some participants, including banks and companies, exchanged the dollar for as much as N1,505.
On Monday, June 25, the total forex transactions stood at $152 million.
Unlike the dollar, however, the naira fared differently against the British pound sterling and the euro in the official market.
The CBN data showed that the naira appreciated against the pound sterling by N12.57 to trade at N1,871.52/£1 compared to last Friday’s rate of N1,884.09/£1.
It also improved its value against the euro in the same space by N38.27 to quote at N1,552.97/â¬1, in contrast to the previous day of N1,591.24/â¬1.
In the black market, A BDC trader, Abdulahhi, revealed that the naira crashed past N1,510.
Earlier, TimesNow.com.ng reported that the CBN reportedly stopped funding for Bureau de Change Operators.
The move aims to test the CBN’s reform template and minimise quick fixes in the FX market.
The CBN is reportedly reviewing significant policies to strengthen the implementation or tweak its reforms.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
