Data obtained from FMDQ securities, where naira is officially traded, showed that the Nigerian currency closed at N1,678.87 per dollar on Friday, November 8, 2024.
Friday’s exchange rate is 2.4% or N39.37 from the preceding day’s N1,639.50/$1.
The fall of the naira happened despite an improvement in the supply of forex to the spot market during the session.
The turnover on Friday increased by 473.1% or $1,158 billion to $1.403 billion from the $244.96 million recorded in the previous trading session.
Abudulahhi, a BDC trader, told legit.ng that the fall of the naira story was the same for the naira in the black market.
His words:
Earlier, TimesNow.com.ng reported that Fitch Ratings has expressed caution about the stability of Nigeria’s foreign exchange market despite CBN’s several assurances.
The agency believes that the Central Bank of Nigeria and other efforts have yet to yield a positive result.
There is a glimmer of hope for CBN as Nigeria’s gross foreign exchange reserves rose to $39 billion in October.
Fitch forecasts FX reserves to rise to 6.1 months of current external payments by the end of 2024.
Proofreading by Nkem Ikeke, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
