Victor Ezeja
Nigerian currency the Naira, recorded a marginal gain of 1.02 percent against the US dollar as trading closed N891.90 /$ on Friday, 26th January 2024 at the official market.
This was revealed by data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) where forex is officially traded. The NAFEM data showed that trading opened at N824.58.
Join our WhatsApp ChannelThe local currency closed at N900 against the US dollar in the official market on Thursday.
The NAFEM data showed an intraday high of N1,421/$1, while the intraday low was N700/$1, representing a difference of N721/$1.
READ ALSO: 5 Measures To Stabilize Naira As Value Sinks To New Low Of N1,400/$1
The data showed that at the end of Friday trading on the NAFEM window, there was $100.97 million in forex turnover, which was 12.35 per cent less than the day before.
A the black market, the naira maintained its historic depreciation of N1410/$1 recorded on Thursday, 25 January 2024. On the peer-to-peer window, traders set prices around N1422.98 for $1.
The naira value has continued to decline despite interventions by the Central Bank of Nigeria (CBN). The apex bank recently announced that it had redeemed outstanding forward liabilities amounting to about $2 billion in the past three months, taking the total to about $2.062 billion.
According to the central bank, the payment was made in keeping with its pledge to eradicate the accumulation of foreign currency that has matured in banks and to reduce pressure on the exchange rate.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
