Naira loses across FX markets despite improved liquidity

The naira on Tuesday recorded losses across foreign exchange (FX) markets despite an improved dollar liquidly in the market.

At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira lost 0.57 percent as the dollar was quoted at N1,532.58 on Tuesday compared to N1,523.85 on Monday, data from the FMDQ Securities Exchange Limited indicated.

The dollar supply increased by 41.00 percent ($54.73m) to $188.19 million on Tuesday from $133.46 million recorded on Monday.

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According to the FX market auction summary released by the FMDQ on Tuesday, the intraday high closed at N1,555 per dollar on Tuesday as against N1,540.75 closed on Monday, while the intraday low quoted at N1,465.30 on the same day, from N1,474.05 quoted on Monday.

The naira on Tuesday exchanged with the dollar at N1,540 at the parallel market, popularly called the black market.

This represents a loss of 0.65 percent or N10 to the dollar due to strong demand by individuals who want to travel and importers who need dollars to import raw materials.

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.