The naira has lost more value against the US dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Data shows that the naira depreciated to N1,549.65/$1 after the close of trading on Tuesday, January 14, 2024.
Tuesday’s exchange rate represents a slight depreciation compared to N1,548.89/$1, the naira exchanged in the previous session.
Also, data from the CBN provided a breakdown of the naira’s performance against other foreign currencies in the official NAFEM market.
In the parallel market, also known as the black market, traders told TimesNow.com.ng that the naira depreciated slightly against the US dollar.
Abudulahhi, a BDC trader said:
The rise in global crude oil prices is a big boost for the naira, as it means more dollar revenue for the Central Bank of Nigeria to defend the currency.
But this won’t be straightforward.
According to Tilewa Adebajo, CEO of The CFG Advisory, fiscal discipline will be required.
He noted that failure by the government to get the policy right could cause the naira to hit close to N2,000 against the dollar.
He said:
Ealier, TimesNow.com.ng reported that the CBN has revealed that Nigeria’s foreign reserves have increased to $40.92 billion as of Monday, January 6, 2025
The latest reserves indicated a $606.23 million increase in one month compared to the $40.31 billion recorded as of December 6, 2024.
The January 6 reserves balance was also the highest since December 9, 2021, when it stood at $40.93 billion.
Source: TimesNow.com.ng
