The number of dollars supplied at the Autonomous Foreign Exchange Market (NAFEM), Nigeria’s official forex market, rose by 46.69 percent but could not shore up the value of the naira.

The daily foreign exchange (FX) market turnover increased by 46.69 percent to $123.25 million on Monday from $84.02 million recorded on Friday, according to the data obtained from the FMDQ.

Consequently, the naira depreciated by 1.96 percent as the data indicated that the dollar was quoted at N795.41 on Monday as against N780.14 quoted on Friday at NAFEM.

The willing buyers and willing sellers quoted the dollar at a higher spot rate of N1,099 and a lower rate of N701/$1.

Read also: Naira resumes fall after gaining for two days

The foreign exchange market (FX) resumed on Monday with the naira depreciating against the dollar on the parallel market, popularly called the black market, following renewed demand pressure after appreciating for two trading days.

During the intraday trading on Monday, the dollar was sold for N1,130, representing 1.80 percent loss compared with N1,110/$1 sold on Friday on the black market.

Naira strengthened on Thursday and Friday from N1,140 on Wednesday to N1,110 on Friday on the parallel market.

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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.

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