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    Tuesday, July 9, 2024

    Naira Depreciated to 1,523 per Dollar at Official Market

    On Monday, the naira experienced a decline in value at both the official and parallel markets.

    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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