Naira Weakens Further against Dollar at Official Market, Parallel Market

Date:

November 23, 2023.

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Azonuchechi Chukwu.

The Nigerian Naira weakened further against the US Dollar in different segments of the foreign exchange (FX) market on Wednesday, November 22 as the Central Bank of Nigeria (CBN) continues to drag its feet on clearing over $8 billion in FX backlogs.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, the Nigerian Naira lost N9.56 or 1.2 per cent against the greenback in the midweek session to close at N840.53/$1 compared with the previous day’s value of N830.97/$1.

This happened despite an improvement in the supply of forex into the market segment by $75.75 million or 61.9 per cent to $198.21 million from the $122.46 million recorded on Tuesday.

It was a similar situation for the Naira in the parallel market on Wednesday as it shrank by N15 against the American currency to trade at N1,160/$1 compared with Tuesday’s value of N1,145/$1.(www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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