As corporate businesses in Nigeria concluded operations for the Christmas celebration, the Naira witnessed a decrease against the US Dollar in the foreign exchange markets on Friday.
TELEGRAM: Click HERE to join the SK News Room Telegram Channel to receive the latest updates on your phone!
Official data from FMDQ revealed a 2.71% weakening of the Nigerian Naira against the US Dollar, reaching N885.88/$1. This depreciation amounted to N23.97 or 2.71%, compared to the Thursday closing rate of N861.91.
TELEGRAM: Click HERE to join the SK News Room Telegram Channel to receive the latest updates on your phone!
Similarly, the Naira experienced devaluation in the parallel forex market where unofficial forex transactions take place. The exchange rate in this market decreased by 0.16%, settling at N1230/$1. Additionally, peer-to-peer traders quoted around N1163.35/$1 on Friday.
This shift follows a 22% decline in forex turnover to $92.16 million.
The implication for Nigerians during the Christmas season is an increase in expenses for Dollar-related purchases. Since the introduction of FX reforms by the Central Bank of Nigeria on June 14, 2023, the Naira has exhibited fluctuations in the forex market.
However, CBN Governor Olayemi Cardoso recently provided assurance that the Naira is anticipated to strengthen in the FX market in 2024.
This report is developing, more details will be shared on the SkiwordNews Telegram Channel as soon as possible.
TELEGRAM: Click HERE to join the SK News Room Telegram Channel to receive the latest updates on your phone!
