Naira loses 0.42% as FX market records marginal turnover

Naira lost 0.42 percent of its value at the official market on Tuesday as the foreign exchange (FX) market recorded a marginal increase in the volume of transactions.

The daily FX market turnover which represented the volume of transactions at the official market increased marginally by 3.36 percent to $71.32 million on Tuesday, from $73.80 million recorded on Monday, data from the FMDQ showed.

Consequently, naira depreciated by 0.42 percent as the dollar was quoted at N775.32/$1 on Tuesday compared to N772.12/$1 quoted on Monday at the Investors’ and Exporters’ (I&E) forex window, Nigeria’s official FX market.

The continued loss in the value of the naira followed the scarcity of dollars occasioned by low inflows from oil receipts, foreign capital, and diaspora remittances among others, according to analysts.

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At the parallel market, also known as the black market on Wednesday, the naira steadies between N920 and N925 at the various street trading areas across the country.

During the intraday trading on Tuesday, the dollar was quoted at N920 to N925/$1, which represents 1.09 percent (N5 – N10) depreciation compared to N915 per dollar traded during the morning session.

The exchange rate gap between the official and parallel segments of the foreign exchange (FX) has widened to N150 per dollar from N96/$1 after FX unification in June 2023.

However, with the current exchange rate, the gap between the official and parallel market has dropped to N150 from N301 in 2021.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.