November 17, 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) on Thursday, November 17 amid a continued foreign exchange (FX) liquidity squeeze.
In the official segment of the market, the domestic currency lost N22.15 or 2.71 per cent against the greenback to settle at N841.14/$1 compared with Wednesday’s exchange rate of N818.99/$1.
It was observed that some customers in the spot market were ready to exchange the Naira to a Dollar at N1.140/$1 during the trading session, while some offered it at N600/$1.
Data obtained showed that the supply of forex into the market window depreciated by $45.86 million or 26.4 per cent to $127.65 million from the preceding session’s $173.53 million.
But in the parallel market, the Nigerian currency appreciated against the US Dollar yesterday by N5 to close at N1,130/$1, in contrast to the midweek session rate of N1,135/$1.(www.naija247news.com).