Victor EzejaThe Nigerian currency, the naira, which recorded a marginal appreciation on Monday, 19 August, lost N12.84 as exchange rate rose to N1,592.06 per dollar on Tuesday, 20 August at the official market.
This represents o.81 per cent loss when compared to N1,579.22/$ recorded on Monday, according to data from the FMDQ Securities and Exchange, the official trading platform of the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Join our WhatsApp ChannelAccording to the NAFEM data, there was an intraday high of N1,599.00 and a low of N1,500.00.
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The daily FX turnover decreased to $152.26 million from $162.99 million recorded on Monday. This reflects $10.73 million or 6.6 per cent drop.
The naira had two weeks ago, witnessed appreciation both in the official and parallel segments of the foreign exchange after the Central Bank of Nigeria’s dollar auction which enhanced supply to end users. From N1617.08/$ on Friday, 2 August, the local currency appreciated to N1570.99/$, gaining N46.16. However, one week after, the naira’s value started dropping and ended last week on a negative note, closing trading on Friday, 16 August at N1,579.89/$ at the official market.
The CBN’s intervention is to boost liquidity in the foreign exchange market and reduce demand pressure.
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.
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