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In the official Nigerian Autonomous Foreign Exchange Market,
the naira depreciated against the US dollar, moving from a previous close of
1,509.67 to 1,523.85 per dollar.
NAFEM is the market trading segment for investors,
exporters, and end-users. It facilitates forex trades at exchange rates
determined by prevailing market conditions.
The naira experienced an intraday high of 1,540.75 and a low
of 1,474.05 against the dollar. Notably, the turnover increased to $133.46
million, surpassing the $116.88 million recorded on Friday. This positive
development suggests an improvement in the liquidity of the market.
In the parallel market, our research indicates that the
naira experienced a depreciation of 0.33%, concluding the day at 1,528 per
dollar, compared to the previous day's rate of 1,523 per dollar.
In the previous week, the foreign exchange market witnessed
a favorable development for the Nigerian naira. Speculative activities
diminished, leading to a strengthening of the naira against the United States
dollar across various market segments.
In the first half of 2024, the Nigerian naira experienced a
significant decline in value, making it the poorest performing currency
globally.
As reported by Bloomberg on Friday, the Central Bank of
Nigeria’s efforts to bolster the currency have been impeded by depreciation,
inadequate dollar liquidity, and market volatility.
In addition to the Nigerian naira, the Egyptian pound and
Ghanaian cedi were also among the world’s worst-performing currencies during
the first half of the year.
The Dangote Oil Refinery and Petrochemicals company has the
potential to alleviate Nigeria’s foreign exchange challenges and stabilize the
local currency, while simultaneously fostering economic growth, as highlighted
by S&P Global, a prominent international financial analytics corporation.
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