Naira pressured despite record-high FX turnover, reserves

Naira closes at N1,681.42 at official market

ByHope Moses-Ashike November 11, 2024

The naira on Monday maintained losses, closing at N1,681.42 per dollar at the official foreign exchange (FX) market.

This represents a marginal loss of 0.2 percent or N2.55 compared to N1,678.87/$ quoted on Friday, at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to data from the FMDQ Securities Exchange Limited.

The daily FX market turnover declined by 66.43 per cent to $471.50 million on Monday from $1,403.76 million recorded on Friday at the NAFEM.

According to the FX market summary released by the FMDQ, the intraday high closed at N1,695, slightly higher than N1,698..50 closed on Friday. The intraday low depreciated to N1,631 per dollar on Monday as against N1,609 on Friday.

The local currency fell to N1,740 to the dollar on Monday, losing N8 compared to N1,732 quoted on Thursday on the parallel market, also known as the black market.