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Business News of Tuesday, 7 November 2023


'No more N950/$' - Naira falls in all FX markets as currency traders sell dollar at new exchange rates

Naira and dollar Naira and dollar

The volatile movement of the naira against the dollar continued across the parallel market and the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 7, 2023.

Data obtained by revealed that the Nigerian Naira started the new week lower against the US Dollar in the official market as it closed at N809.02 a dollar.

The latest exchange rate at the official market indicates N28.79 depreciation when compared to N780.23/$ dollar it closed on Friday, November 3, 2023.

The depreciation of the naira happened as the dollar supply in the official market dropped to $87.65 million on Monday.

FMDQ securities data showed that the naira came under intense pressure on Monday, exchanging at an intra-day high of N1,100.

Naira to the dollar at the black market

In the black market, the naira crashed against the dollar on Monday, falling to N1, 030/$ on average in the parallel market.

This represents a N80 loss or a 8.42 per cent decline of the local currency compared to the N950 it closed the week at last Friday.

Punch reports that this is the first time the naira has fallen since the Central Bank of Nigeria began to clear some of its FX backlogs last week.

It was the same story in the Peer-to-Peer (P2P) window, as the naira depreciated against its dollar and returned to N1,010 a dollar.