Naira Depreciates at Official Market


November 17, 2023.

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Azonuchechi Chukwu.

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.(

Azonuchechi Chukwu
Azonuchechi Chukwu
Ms Azonuchechi Chukwu has a BSC holder in mass communication Ebonyi State University

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