Naira Ends Week With ₦46 Gain At Official Market

Nigerian currency, the Naira, ended the week on a positive note gaining ₦46 at the official segment of the foreign exchange market.

According to the Nigerian Autonomous Foreign Exchange Market (NAFEM) data obtained from the FMDQ Securities and Exchange platform, the naira appreciated to ₦1,593.32 per dollar at the close of trading on Friday, 6 September 2024.

This reflects ₦46.09 or 2.81 per cent gain when compared to ₦1,639.41 per dollar exchanged on Thursday, 5 September.

On a week-on-week basis, the NAFEM data show that naira recorded ₦5.24 gain compared to the ₦1598.56 exchange rate last week Friday at the official segment of the foreign exchange market.

The NAFEM data on intraday trading show that the naira traded at a high of ₦1,665.00/$ and a low of ₦1,580.00/$ on Friday.

The Nigerian currency had recorded depreciation during week. After appreciating to ₦1,585.77 per dollar on Monday, 2 September 2024, against the previous week’s closing of ₦1,598.56/$, the naira’s value fell on Tuesday, 3 September to ₦1,611.34/$. It further dropped to ₦1,625.88/$ on Wednesday.

Between Monday and Thursday, the naira lost N53.64 which represents 3.9 per cent drop.

However, with Friday’s closing rate, it managed to recover a bit.

The daily FX turnover increased by 59.38 million (31.96 per cent) to $245.17 million on Friday, from $185.79 million on Thursday.

However, the local currency continued depreciation at the parallel market also known as black market, trading at ₦1,670 per dollar on Friday.