Victor Ezeja
The naira opened the new week on a negative note as it depreciated at the official market.
The exchange rate rose to ₦1675.62 per dollar at the close of trading on Monday, 25th November 2024, according to the Nigeria Autonomous Foreign Exchange Market (NAFEM) data published on the FMDQ Securities and Exchange platform.
Join our WhatsApp ChannelThis led to a loss of ₦23 or 1.39 per cent when compared to ₦1,652.62 per dollar recorded on Friday, 22 November 2024.
The naira also experienced a drop in value at the parallel market from ₦1,750 on Friday to ₦1,755 on Monday.
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The NAFEM data showed that the naira traded between ₦1,710.00/$ and ₦1,650.00/$ at the Importers and Exporters (I&E) window.
The FX transaction turnover, according to the FMDQ data, recorded a significant drop from $243.05 million recorded on Friday to $108.79 million on Monday.
The naira has continued to experience volatility in the FX market, having a significant negative impact on the economy. This is despite several interventions by the Central Bank of Nigeria (CBN), including selling dollars to Bureau de Change operators and other authorised dealer banks to boost FX liquidity in the foreign exchange market.
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.
