• Thursday, December 07, 2023
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Naira resumes fall after gaining for two days

Double-digit naira depreciation expected in 2024, says EIU

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 for on Friday on the black market.

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

Read also Naira falls to record low at official FX market

At the Autonomous Foreign Exchange Market (NAFEM), the naira firmed by 21.73 percent as the dollar was quoted at N780.14 on Friday as against N996.75 quoted on the previous day.

This was despite a decline in the dollar supply by willing buyers and willing sellers. Consequently, the volume of transactions, which reflects the daily FX market turnover, declined by 63.24 percent to $84.02 million on Friday from $228.54 million recorded on Thursday.