LEGIT
The naira has depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the official exchange market.
According to data from FMDQ securities, the naira closed at N1,603.16/$1 on Monday, October 21, 2024.
Monday’s exchange rate is 0.15% or N2.38 depreciation compared to the preceding session’s, by N1,600.78/$1.
The data also showed that during trading on Monday, forex transactions improved to $359.22 million compared with last Friday’s $350.72 million, representing a rise of 2.4% or $8.50 million.
Naira against pound, euro
However, it was a different story for the naira against the British pound and the euro. CBN data showed that the naira strengthened against the pound, appreciating N2,137.36/£1 from the previous rate of N2,153.90/£1 on Monday.
Against the euro, the naira also appreciated, rising to N1,780.26/€1 from N1,800.79/€1 on the week’s first trading day.
In the black market on Monday, the Nigerian naira weakened by N5 against the dollar, settling at N1,720/$1 compared to the previous day’s value of N1,715/$1.
Snapshot of exchange rates on Monday are:
CFA: N2.73
Yuan/Renminbi: N230.62
Danish Krona: N238.67
Euro: N1,780.26
Yen: N10.94
Riyal: N436.76
South African Rand: N93.27
Swiss Franc: N1,899.42
Pounds Sterling: N2,137.36
There is hope for naira
Legit.ng earlier reported that the US Federal Reserve has decided to lower interest rates, and this will weaken the United States dollar.
The decision has strengthened the Nigerian currency in the foreign exchange market.
Economists say that the US Federal Reserve’s decision will also help attract more investment into Nigeria and help naira perform better.
