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    Tuesday, July 2, 2024

    Naira Depreciate Against Dollar at Official Forex Market

    The Naira depreciated against the US dollar in the official foreign exchange market on Monday.

    As per FMDQ data, the Naira closed at N1508.99 against the dollar, indicating a slight depreciation compared to the previous Friday’s closing rate of N1505.30.

    The exchange rate experienced a slight appreciation of N3.69 against the dollar, moving from N1505.30 traded on Friday.

    In contrast, the Naira appreciated against the dollar on the parallel market, moving from N1515 at the end of last week’s trading session to N1510 per dollar on Monday.

    The commencement of trading on Monday saw a notable N5 gain against the dollar. The data illustrated a divergence of N1.31 between the two FX markets.

    The foreign exchange markets exhibited mixed trading sentiments amidst a notable rise in Nigeria’s foreign exchange reserves, which reached $34.14 billion as of last Friday.

    Last week, the Central Bank of Nigeria issued a directive to all banks to transfer any surplus foreign exchange to its branches in Lagos and Abuja.


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