Tag
DOLLAR
The value of the naira eroded significantly on Tuesday at the P2P market and physical black market despite the injection of FX liquidity at the official market and a substantial clearance of FX backlogs by Nigeria’s apex bank.
The naira resumed the year on a negative note while the dollar index, which measures the U.S. currency against six counterparts closed the first trading session of the year positively.
The Nigerian naira started the New Year sourly, tumbling 8.97% against the dollar on Tuesday, January 2, 2024.
The naira remained near its lows on the P2P market often regarded as the most accessible FX market, as weak dollar inflows have made it difficult for the CBN to support the Nigerian currency in the FX market.
Forex turnover grew by 38.81% to $127.93 million as the Naira gained against the dollar on Wednesday, 27th December 2023 at the official market, the first trading day after the Christmas holiday.
The intraday high recorded was N1249/$1 as the naira further fell marginally on Thursday, 21st December 2023, closing at N861.91/$1 at the official market.
Forex turnover declined by 21.45% to $181.30 M as naira depreciated against the dollar on Weds, closing at N854.61/$1 at the official market.
The naira remained near its lows on the black market, as dwindling reserves and dollar inflows have made...
The Nigerian naira further appreciated against the dollar on Tuesday, 19th December 2023, closing at N844.85/$1 at the official market.
The naira strengthened against the U.S. dollar at both the official and the parallel market.
The intraday high recorded N1185.10/$1 as the Naira gained marginally against the dollar on Thursday, 14th December 2023 at the official market but closed flat at the black market.
Forex turnover grew by 22% to $120.89 million as the Nigerian naira further depreciated against the dollar on Wednesday, 13th December 2023, closing at N904.65/$1 at the official market.