The Nigerian currency, the naira, is ending the month of June 2024 the same way it started, with consecutive depreciation in the official and unofficial foreign exchange markets.
In the official market, data from FMDQ securities showed that at the Nigerian Autonomous Foreign Exchange Market (NAFEM), naira closed at N1,507.83 on Wednesday, June 24.
The rate on Wednesday indicates a 0.46% or N7.04 loss when compared to Tuesday’s closing price of N1,500.79/$1.
The pressure on naira was evident on Wednesday, with participants buying dollars for as high as N1,523.
During trading on Wednesday, forex transactions increased slightly to $176.39 million from the $$136.75 million recorded in the previous day.
The Nigerian currency also witnessed a sharp decline against the British pound sterling and also the euro.
According to CBN data, the naira against the pound sterling in the official market is sold at N1901.94/£1 from the previous rate of N1,890.86/£1.
While against the euro, the naira weakened to sell for N1,605.6732 versus N1,598.78/€1 quoted in the preceding session.
In the parallel market, the Bureau de Change also crashed naira following the trend in the official market.
Abudulahi, a BDC trader, told TimesNow.com.ng that a dollar on Wednesday sold at N1,515/$1 compared to the previous rate of N1,510/$1 on Tuesday.
TimesNow.com.ng previously reported that the governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, promised that the worst days of the naira were over.
He disclosed in an interview that the naira had remained relatively stable due to reforms of the apex bank.
Despite Cardoso’s assurances, naira’s value continues to fall in the market.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
