Market News

Naira loses across FX markets despite improved liquidity - BUSINESSDAY

JULY 10, 2024

The naira on Tuesday recorded losses across foreign exchange (FX) markets despite an improved dollar liquidly in the market.

At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira lost 0.57 percent as the dollar was quoted at N1,532.58 on Tuesday compared to N1,523.85 on Monday, data from the FMDQ Securities Exchange Limited indicated.

The dollar supply increased by 41.00 percent ($54.73m) to $188.19 million on Tuesday from $133.46 million recorded on Monday.

According to the FX market auction summary released by the FMDQ on Tuesday, the intraday high closed at N1,555 per dollar on Tuesday as against N1,540.75 closed on Monday, while the intraday low quoted at N1,465.30 on the same day, from N1,474.05 quoted on Monday.

The naira on Tuesday exchanged with the dollar at N1,540 at the parallel market, popularly called the black market.

This represents a loss of 0.65 percent or N10 to the dollar due to strong demand by individuals who want to travel and importers who need dollars to import raw materials.


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