The Nigerian currency, the naira, kicked off September positively as it recovered some of its lost value against the United States dollar in both the official and black foreign exchange markets.
According to data from FMDQ securities, the naira in the Nigerian Autonomous Foreign Exchange Market (NAFEX), which is the official market, was closed at N1,666.72/$1 exchange rate on Friday, November 1, 2024.
This is an appreciation of 0.5% or N8.77 against the dollar when the exchange rate is compared to Thursday’s closing rate of N1,675.49/$1.
The strong performance of the naira comes despite the value of forex transactions going down by 43.5% or $72.41 million to $94.20 million from $166.61 million on Thursday.
It was also good news for Friday’s naira in the parallel or black market.
Abudulahhi, a BDC trader, revealed that the naira improved in the black market due to low demand.
He told TimesNow.com.ng:
It was, however, a different story for the naira against the British pound sterling and the euro.
The latest CBN data showed that the naira lost to the pound sterling on Friday by N10.10 to settle at N2,157.25/£1, in contrast to the preceding session’s N2,147.15/£1.
While against the euro, it lost N23.43 to settle at N1,814.79/€1 versus the previous day’s N1,791.36/€1.
Earlier, TimesNow.com.ng reported that the Lagos Chamber of Commerce and Industry (LCCI) predicted that the value of the Nigerian currency would improve against the US dollar.
Gabriel Idahosa, the President of LCCI, gave the prediction when he addressed journalists about the state of the economy in Lagos.
The chamber’s president believes this rate is achievable if the CBN reviews the current free-floating exchange rate.
Source: TimesNow.com.ng
