Naira Opens Week With Losses As Exchange Rate Rises To ₦1596/$ At Official Market 

After ending the previous week on a note of appreciation, the Nigerian currency, the Naira, opened the new week with losses as exchange rate rose to ₦1,596.60 per dollar on Monday, 26 August 2024.

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According to the Nigeria Autonomous Foreign Exchange Market (NAFEM) data published on the FMDQ Securities and Exchange platform, the naira lost ₦26.46 at close of trading at the official market on Monday.

This reflects 1.69 per cent loss when compared to ₦1,570.14 recorded at the official market on Friday, 23 August 2024.

The NAFEM data showed that there was an intraday high of ₦1,610.00 and a low of ₦1,500.00.

Also, there was a decrease in daily FX turnover from $120 million on Friday, 23 August to 102.93 million on Monday, 26 August 2024.

After a bout of appreciation of the naira recently, on the back of the Central Bank of Nigeria (CBN), intervention in the Foreign Exchange to increase dollar supply to end users with the overarching goal of easing demand pressure on the fx.

However the CBN’s intervention could not keep the exchange rate low for a while as the naira value dropped after recording gains for about one week.