The Nigerian Naira recorded a significant depreciation at the foreign exchange market on Friday, 8 November, ending the week on a negative note.
According to the Nigeria Autonomous Foreign Exchange Market (NAFEM) data published on the FMDQ Securities and Exchange platform, the naira closed at ₦1,678.87 per dollar.
Join our WhatsApp ChannelThis reflects ₦39.37 drop when compared to ₦1,639.50 per dollar recorded on Thursday at the official segment of the foreign exchange market.
At the parallel market, also known as the black market, local currency closed at ₦1,740 per dollar on Friday against ₦1,750 recorded on Thursday.
The local currency depreciation occurred despite an unprecedented surge in dollar supply to the market. According to FMDQ data, the FX transaction turnover jumped from $244.96 million on Thursday to $1403.76 million on Friday.
Prime Business Africa reports that on a week-on-week analysis, the naira lost ₦12.15 when compared to ₦1,666.72/$ recorded the previous week Friday, 1 November 2024.
A look at the naira trading at the foreign exchange market within the week under review shows that it was fluctuating. On Monday, the local currency exchanged ₦1,676.90, losing ₦10.18. It appreciated slightly on Tuesday, closing at ₦1,671.32/$.
It however plunged to ₦1,681.65/$ on Wednesday, being the peak of the local currency’s depreciation during the week. The Naira strengthened again to ₦1,639.50 before ending the week on a negative note.
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.
