November 7, 2023.Thank you for reading this post, don't forget to subscribe!
The Naira depreciated against the United States Dollar in the first trading session of the week, its first major decline across the foreign exchange (FX) market segments since the Central Bank of Nigeria (CBN) commenced the clearance of forex backlogs last week.
In the official market, which is the Nigerian Autonomous Foreign Exchange Market (NAFEM), the local currency lost 4.2 per cent or N32.88 against the greenback to settle at N809.02/$1 compared with last Friday’s rate of N776.14/$1.
The domestic currency suffered the loss as the supply of FX to the spot market went down by 11.3 per cent or $11.17 million to $87.65 million from the $98.82 million achieved in the preceding session.
In the parallel market, the value of the Naira against the US Dollar weakened on Monday by N20 to settle at N960/$1, in contrast to the preceding session’s N940/$1.(www.naija247news.com).