Victor Ezeja
Nigerian Naira has depreciated significantly as the US dollar strengthened against other world currencies following the victory of Donald Trump at the 2024 presidential election.
Trump, 78, secured over 270 votes required to win the number one seat in the White House. The outcome of the polls triggered a surge in the value of dollars which strengthened against the British pound due to the activities of speculators who were betting on Republican candidate Donald Trump as the winner.
Join our WhatsApp ChannelAccording to the Nigeria Autonomous Foreign Exchange Market (NAFEM) data obtained from the FMDQ Securities and Exchange platform, the naira exchanged ₦1,681.65 against the dollar at the close of trading at the official market on Wednesday, 6 November.
The naira lost ₦10.33 or 0.62 per cent compared to Tuesday’s closing rate of ₦1,671.32 per dollar at the official market.
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The naira remained at a high of ₦1,735 per dollar at the parallel market also known as black market.
Trading at the importers and exporters (I & E) Windows, of the foreign exchange market was between ₦1,690.00/$ and ₦1,620.00/$.
The data showed that FX turnover transactions dropped by $21.99 million or 10.2 per cent from $218.77 million on Tuesday to ₦196.78 million on Wednesday.
Prime Business Africa reports that the naira had begun the week on a negative note as it weakened to ₦1,676.90 per dollar on Monday.
The naira had continued to fluctuate at the foreign exchange market in the last few months.
The Central Bank of Nigeria (CBN) had been intervening in the market by offering FX in the form of dollar auction or direct sales to Bureau de Change (BDC) operators, to boost supply.
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.
