The Nigerian naira experienced further depreciation against the United States dollar in the foreign exchange market.
According to the Nigeria Autonomous Foreign Exchange Market (NAFEM) data published on the FMDQ Securities and Exchange platform, the naira exchanged N1,652.25 against the dollar at the close of trading at the official market on Friday, 15 November 2024.
Join our WhatsApp ChannelThis means the naira lost N2.05 or 0.12 per cent when compared to Thursday’s closing rate of N1,650 per dollar.
Prime Business Africa reports that at the parallel market, also known as the black market, the local currency exchanged for N1,745/$ on Friday against N1,740 on Thursday.
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The naira had begun the week with a high exchange rate of N1,681.42/$ on Monday, 11 November. It further weakened to N1,689.88/$ on Tuesday, 12 November but strengthened to N1,645.40/$ on Wednesday, before slumping to N1,650.20/$ on Thursday.
The FX transaction turnover rose by 38.14 per cent from $214.73 million on Thursday to $296.63 million on Friday. This shows that despite the increase in dollar supply to the FX market on Friday, the exchange rate still went up.
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.
