Naira declines on the official market to 1,523/$

On Monday, the value of the naira declined on the official and black markets.

The naira lost value relative to the US dollar in the official Nigerian Autonomous Foreign Exchange Market, closing at 1,523.85 from the previous close of 1,509.67.

For investors, exporters, and end users, NAFEM is the market trading sector where forex deals may be executed at exchange rates set by the state of the market.

The intraday high and low of the naira against the dollar were 1,540.75 and 1,474.05, respectively. With $133.46 million in turnover, it was higher than Friday’s $116.88 million, suggesting that market liquidity had increased.

According to a report by Bloomberg on Friday, depreciation, insufficient dollar liquidity, and market volatility have hindered efforts by the Central Bank of Nigeria to strengthen the currency.

Besides the naira, Egypt’s pound and Ghana’s cedi were the world’s other worst performers in the first six months of the year.

Meanwhile, International financial analytics corporation, S&P Global, has described the Dangote Oil Refinery and Petrochemicals company as capable of resolving Nigeria’s forex issue and its pressure on the local currency, while boosting economic development.

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