Naira-Dollar Notes

The naira depreciated on Monday in both the official and parallel markets.

At the Nigerian Autonomous Foreign Exchange Market (NAFEM), it declined to 1,523.85 per dollar, compared to the previous close of 1,509.67 against the American dollar.

NAFEM serves as the trading segment for investors, exporters, and end-users, facilitating forex transactions at exchange rates dictated by current market conditions.

The naira recorded an intraday peak of 1,540.75 and a low of 1,474.05 against the dollar.

Market turnover amounted to $133.46 million, reflecting improved liquidity compared to Friday’s $116.88 million.

According to investigations by The PUNCH, on the parallel market, the naira depreciated by 0.33%, closing the day at 1,528 per dollar, compared to 1,523 per dollar on Friday.

Last week, reduced speculative activities provided relief for the naira in the foreign exchange market, resulting in its appreciation against the US dollar across various market segments.

As of mid-2024, the naira has been identified as the poorest-performing currency globally.

A Bloomberg report published on Friday highlighted that depreciation, inadequate dollar liquidity, and market volatility have posed challenges to the Central Bank of Nigeria’s efforts to stabilize the currency.

In addition to the naira, Egypt’s pound and Ghana’s cedi were also among the world’s worst performers in the first half of the year.

Meanwhile, S&P Global, an international financial analytics corporation, has identified the Dangote Oil Refinery and Petrochemicals company as potentially addressing Nigeria’s forex challenges and alleviating pressure on the local currency, while driving economic growth.

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