On Friday, August 16, 2024, the Naira weakened in the parallel market, dropping to N1,590 per dollar from Thursday’s rate of N1,585….READ FULL ARTICLE...READ THE FULL ARTICLE HERE ▶▶
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira fell to N1,579.89 per dollar.
Earlier this week, the naira ended its over one-week winning streak against the US dollar on the official market when it weakened in value to N1,582.09/$1 on Tuesday, August 13, 2024.
The decline happened despite the Central Bank of Nigeria’s (CBN) sale of foreign exchange to authorized dealer banks last week through the Retail Dutch Auction System (rDAS).
The CBN adopted this auction model, which dates back to the 1980s, to address the increasing demand for foreign exchange in the country.
According to FMDQ data, NAFEM’s indicative exchange rate climbed to N1,579.89 per dollar, up from N1,564.4 per dollar the previous day, reflecting a depreciation of N15.49.
The total dollar volume traded in the market also saw a 22.7% decline, decreasing to $115.23 million from Thursday’s $149.24 million.
As a result, the gap between the parallel market and NAFEM rates narrowed to N10.11 per dollar, compared to Thursday’s N20.52 per dollar….READ FULL ARTICLE
