November 14, 2023.Thank you for reading this post, don't forget to subscribe!
The Naira depreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the black market, and the Peer-to-Peer (P2P) arms of the foreign exchange (FX) market on Monday, November 13.
In the official market, the local currency went south against the United States currency by 1.9 per cent or N15.27 to sell at N795.41/$1 compared with the previous day’s rate of N780.14/$1 amid improvement in the supply of forex into the spot market.
According to data from the FMDQ Securities Exchange, the value of FX transactions recorded in the trading day increased by 39.3 per cent or $39.23 million to $123.25 million from the $84.02 million achieved last Friday.
The Nigerian Naira also weakened against the American Dollar in the parallel market during the session by N5 to quote at N1,150/$1, in contrast to the preceding session’s value of N1,145/$1.(www.naija247news.com).