• Thursday, May 23, 2024
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Naira exchanges with dollar at N1,164

The pressure on the foreign exchange (FX) market continued on Monday, with the  Nigerian naira depreciating to N1,164 per dollar on the parallel market, popularly called the black market.

This represents a 1.21 per cent drop compared to N1,150 per dollar traded on Friday at the same market.

Due to the shortage of greenback, the naira depreciation followed strong demand for dollars by individuals and importers who could not meet their FX needs at the official market.

At the Autonomous Foreign Exchange Market (NAFEM), the naira strengthened against the dollar despite a drop in dollar liquidity on Friday.

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The local currency lost 16.88 as the dollar was quoted at N794.89 on Friday as against N956.33, which closed on Thursday at NAFEM, data from the FMDQ indicated.

Willing buyers and willing sellers quoted the dollar at a spot rate of N1,136, the highest and lowest rate of N700 per dollar.

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The daily foreign exchange market turnover declined by 28.13 per cent to $ 75.82 million on Friday from $105.50 recorded on Thursday.