The naira depreciated on both the official and parallel markets on Monday.
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On Nigeria's official autonomous foreign exchange market, the naira fell to 1,523. 85 per dollar, depreciating compared to the previous close of 1,509. 67 per US dollar.
NAFEM is the market trading segment for investors, exporters and end users that enables the conduct of foreign exchange transactions at exchange rates determined by prevailing market conditions.
The naira traded at an intraday high of 1,540.75 and at least 1,474.05 per dollar. Turnover was at 133. 46 million, up from 116. 88 million on Friday, indicating improved liquidity in the market.
In the parallel market, PUNCH results revealed that the naira depreciated by 0.00% 33 percent to end the day at 1.528 per dollar, compared to 1.523 per dollar on Friday. ,,, Last week, the foreign exchange market witnessed a relaxation for the naira due to reduced speculative activities, which resulted in the naira gaining value against the US dollar across all market segments.
At the end of the first half of 2024, the naira emerged as the worst performing currency in the world.
According to a Bloomberg report on Friday, devaluation, insufficient dollar liquidity and market volatility have hampered efforts by the Central Bank of Nigeria to strengthen the currency.
Apart from the naira, the Egyptian pound and the Ghanaian cedi were the other worst-performing currencies globally in the first six months of the year.
Meanwhile, international financial analysis firm S&P Global has described Dangote Oil Refinery and Petrochemicals as capable of solving Nigeria's foreign exchange problem and its pressure on the local currency while boosting economic development.
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