The Nigerian naira has lost more value against the United States dollar in official and black foreign exchange markets.
According to data from FMDQ securities, the naira in the Nigerian Autonomous Foreign Exchange Market (NAFEX), the official market opened the week at N1,675.62/$1 exchange rate on Monday, November 26, 2024.
Monday’s exchange rate is a N23 depreciation when compared to N1,652.62 to a dollar exchange rate achieved the previous trading date on Friday, November 22.
The naira’s poor performance comes as forex transactions reduced to 108.79 million dollars on Monday down from 243.05 million dollars recorded on Friday.
While in the black market, Vanguard reports that Nigerian currency depreciated on Monday to N1,770 per dollar compared to N1,750 per dollar it exchanged over the weekend.
Consequently, the margin between the parallel market and NAFEM rate widened to N117.38 per dollar from N97.38 per dollar last weekend.
