Tag
NAIRA
The naira has shown some form of stability against the US dollar on the NAFEM window, closing at N1,476.95/$1 on June 4, 2024.
Naira languished against the British pound near the N2,000 support line, as the fortunes of the British currency gained momentum in global FX markets.
The Nigerian official foreign exchange (FX) market witnessed a significant downturn in turnover, crashing by 42.92% on Monday, June 3, 2024.
The Nigerian currency ended the month weaker, despite a monthly decline in the dollar index.
After two days of substantial depreciation in a week characterized by significant volatility in the foreign exchange market, the naira showed signs of stabilizing as it closed at N1,485.99/$1 on Friday, May 31, 2024.
Naira has experienced substantial fluctuations making it difficult for businesses to predict costs and revenues accurately, complicating financial planning and budgeting processes.
The Naira steeply appreciated against the US Dollar, with the spot exchange rate ($/N) decreasing by 22.45% ($/N279.38) to close at an average of $/N1,244.66 in April 2024 from $/N1,524.04 recorded in March 2024.
The naira suffered a significant depreciation on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, falling to N1,329.65/$1 on Wednesday, May 29, 2024.
The naira surged N1,1173.88/$1 on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window on Tuesday, marking an increase of 14.09% from the previous day's rate.
The exchange rate between the Naira and the Dollar at the official window saw a significant appreciation of 10.71% on Monday, closing the day at N1,339.33/$1.
The naira held its ground on the unofficial market, appreciating against the dollar on the parallel market as the dollar index posted some losses amid profit-taking.
The Naira has lost its four-day winning streak, depreciating by 1.55% to close at 1485.66/$1 on the official market on Thursday, according to the latest data from the FMDQ.