The Nigerian naira has weakened further against the US dollar in the official Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to data from FMDQ Securities, the naira closed at N1,650.20/$1 on Thursday, November 14, 2024.
The latest exchange rate represents a N4.80 or 0.29% appreciation compared to the N1,645.40/$1 previous day’s exchange rate.
The naira is under severe pressure amid seasonal demand ahead of the festive season.
The daily supply of FX to NAFEM slumped by $22.11 million or 9.3% to $214.73 million from $236.84 million.
In the black market, the naira also depreciated against the dollar by N5 to close at N1,745/$1, in contrast to the previous day’s N1,740/$1.
It was a different outcome for the naira compared to the pound sterling and the euro in the official market.
Data from the CBN showed that the naira rose against the pound sterling in the official market by N7.71 to sell at N2,100.54/£1 compared with the preceding session’s N2,108.25/£1.
It followed the same route against the euro as it appreciated by N10.93 to quote at N1,746.36/€1 versus the preceding rate of N1,757.29/€1.
TimesNow.com.ng reported that the International Monetary Fund has predicted that the naira will improve due to the Central Bank of Nigeria’s efforts to clear foreign currency backlogs and recent interest rate hikes.
IMF stated this in its most recent Global Financial Stability Report.
Source: TimesNow.com.ng
