At the official market, known as the Nigerian Autonomous Foreign Exchange Market (NAFEM), data from FMDQ Securities indicates that the naira depreciated to N1,617.08/$1 against the US dollar at the end of trading on Friday, August 2, 2024.
The closing rate on Friday was a massive loss of 3% or N47.08 for the naira when the rate is compared to the previous day’s closing rate of N1,570.;
The pressure on the naira was evident as nationwide protests under the EndBadGovernance campaign escalated to violence, death, and arrests in some parts of the country, forcing banks to close branches.
It was, however, a mixed story for the naira against the British pound sterling and the euro in the official market.
The CBN data showed that the Nigerian currency appreciated against the pound sterling by N17.61 to N2,051.50/£1, in contrast to Thursday’s closing price of N2,069.11/£1.
The naira weakened against the euro by N18.33 during the session to settle at N1,729.89/€1 compared with the previous day’s value of N1,748.22/€1.
In the black market, A BDC trader, Abdulahhi, revealed that the naira lost N10 of its value.
Earlier, TimesNow.com.ng reported that the Central Bank of Nigeria (CBN) announced plans to begin the Retail Dutch Auction System (rDAS).
The bank asked all dealer banks to provide it with legitimate forex demands with which to conduct the transactions.
The apex bank disclosed that it is reintroducing the system due to banks’ growing demand for Forex.
Source: TimesNow.com.ng
