• Monday, December 04, 2023
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FX pressure continues as naira falls to N1,140 per dollar

Double-digit naira depreciation expected in 2024, says EIU

The pressure on the foreign exchange (FX) market continued on Monday as the Nigerian naira fell to N1,140 per dollar on the black market, popularly called black market, following increased demand for the greenback by the end users .

This represents 0.44 percent weaker than N1,135 per dollar exchanged on Friday on the same market. Some traders at CMS sold dollars at N1,100 during the morning trading session. At Ibadan, one dollar was sold for N1,150 and at the Lagos Airport it went for N1,145/$1.

Naira free falls peaked at N1,310 per dollar on October 24, 2023 before strengthening to N1.020/$1 on November 3, 2023, according to data compiled by BusinessDay.

Read also Naira falls 9.8% in three months on single FX regime

At the Autonomous Foreign Exchange Market (NAFEM), naira appreciated by 5.87 percent as the dollar was quoted at N791.75 on Friday compared to N841.14 quoted on Thursday, data from the FMDQ indicated.

The market recorded the highest spot rate of N1,120 per dollar and lower rate of N701 on Friday at the official market. The daily FX market turnover rose by 23.60 percent to $157.78 million on Friday from $127.65 million recorded on Thursday.