• Thursday, December 07, 2023
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Naira fails to gain despite 46.69% rise in dollar supply


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.