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Naira weakens to 1.523/$ on official market

The naira fell on each official and over-the-counter markets on Monday.

On the official Nigerian Autonomous International Change Market, the naira fell to 1,523.85 per greenback, a depreciation from the earlier closing fee of 1,509.67 towards the US greenback.

NAFEM is the market section for traders, exporters and finish customers the place foreign exchange transactions can happen at trade charges decided by prevailing market circumstances.

The naira traded at an intra-day excessive of 1,540.75 and a low of 1,474.05 per greenback. The turnover was $133.46m increased than $116.88m on Friday, indicating improved liquidity out there.

On the parallel market, The RexGists The findings confirmed that the naira depreciated by 0.33 % to shut the day at 1.528 per greenback, in contrast with 1.523 per greenback on Friday.

Final week, the foreign money market skilled reduction for the naira as a consequence of lowered speculative actions, ensuing within the naira strengthening towards the US greenback throughout all market segments.

On the finish of the primary half of 2024, the naira was the worst performing foreign money on this planet.

Depreciation, inadequate greenback liquidity and market volatility have hampered the Central Financial institution of Nigeria's efforts to strengthen the foreign money, in response to a Bloomberg report on Friday.

In addition to the naira, the Egyptian pound and the Ghanaian cedi had been the worst performing currencies on this planet within the first six months of the 12 months.

In the meantime, worldwide monetary evaluation agency S&P International has described the Dangote Oil Refinery and Petrochemicals enterprise as one that may clear up Nigeria's overseas trade issues and native foreign money pressures whereas boosting financial growth.

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