Naira ends week against dollar with loss, black market traders quote new rates

Nigerian currency has hit another low at the official and black foreign exchange markets.

Data from FMDQ securities showed that at the Nigerian Autonomous Foreign Exchange Market (NAFEM) Naira closed the trading week at N808.27/$ on Friday, October 21, 2023.

This is 3.26 percent depreciation for the naira when compared to the exchange rate of N782.68 on Thursday, October 21.

At the NAFEM on Friday, the value of forex trades dropped by 18.68% to to $79.26 million from the $97.47 million recorded in the preceding trading day.

It was the same story at the Peer-to-Peer (P2P) section, and the parallel exchange market.

In the Peer-to-Peer (P2P) section, the Nigerian currency continued its depreciation during the session as it declined against the dollar to sell at N1,170.71 compared with the N1,165/$1 exchange rate the previous day.

In the same vein, Naira weakened against the US Dollar on Friday to close at the same rate of N1170. This is higher than the the previous day’s rate of N1,100/$1.

For naira exchange rate against the Pounds Sterling, CBN reports that it closed in the official market at N1,010/£1.

Naira against the Euro closed Friday at N880.78/€1 However Abokifx data shows the naira at the black market against the British currency closed the week at N1,380/£1. While the Euro closed at N1187/0/€1.