Nigerian currency, the naira depreciation in the official foreign exchange market, continued into July despite promises from the Central Bank of Nigeria.
In the official market, data from FMDQ securities showed that at the Nigerian Autonomous Foreign Exchange Market (NAFEM), naira closed at N1,508.99/$1 on Monday, July 1, 2024.
The rate on Monday indicated a 0.25% or N3.69 loss compared to Tuesday’s closing price of N1,505.30/$1.
The pressure on the naira was evident on the first trading day of July, as participants bought one dollar for as high as N1,536.
The total value of forex transactions on Monday stood at $122.31 million, which marked a 34.9% or $65.51 million drop from the $187.82 million recorded last Friday, June 28.
There was a euro difference in the exchange rate for the naira against the British pound sterling and the euro.”
According to CBN data, the naira remained stable against the pound sterling and the euro, selling at N1,859.10/£1 compared with the previous rate of N1,573.79/€1.
In the parallel market, however, the naira appreciated against the dollar Monday by N15 to quote at N1,510/$1 versus the previous trading day’s value of N1,525/$1.
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.
Source: TimesNow.com.ng
