Victor Ezeja
Nigerian naira opened the week on a negative note, as it recorded losses at the official segment of the foreign exchange market on Monday, 23 September 2024.
The local currency exchanged N1,562.66 against the dollar on Monday, according to the Nigeria Autonomous Foreign Exchange Market (NAFEM) data published on the FMDQ Securities and Exchange platform.
Join our WhatsApp ChannelThis reflects a loss of N21.14 or 1.37 per cent when compared to the closing rate of N1541.52 per dollar on Friday, 20 September.
Also, at the parallel market, the value of the naira dropped against the dollar as exchange rate surged to N1,675/$ against N1,670 the greenback was sold at the parallel market on Friday.
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The NAFEM data showed that the naira traded between a high of N1,675.00 and a low of N1,540.00 at the Investors and Exporters (I&E) window.
The data also revealed that dollar supply dropped as FX turnover decreased by 47.42 per cent from $190.57 million on Friday to $100.21 million on Monday.
This comes as the Central Bank of Nigeria’s 297th Monetary Policy Committee meeting began in Abuja on Monday.
The apex bank will on Tuesday, announce another monetary policy stance at the end of the MPC meeting.
The CBN has been relentlessly working towards bringing down inflation rate and also stabilizing the exchange rate due to the significant negative impact on the economy.
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.
