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Naira Falls in Official Market, Closes at N1,584/$1

Nairawatch, Naira, Exchange Rate, FX Market, Dollar, CBN Rates, Foreign Exchange

Photo Credit: Devex and Visa report

The naira fell in the official market on Tuesday to N1,584/$1, from the previous close of N1,579/$1.

This is the currency’s first fall since its upward movement which began last week, signifying a depreciation of  N5/$1 within a single day of trading.

According to the data from the Nigerian Foreign Exchange Market (NFEM), the naira fluctuated between N1,581.92/$1 and N1,591/$1, indicating ongoing demand pressure in the foreign exchange market.

In the parallel market, the market also lost ground against the U.S. dollar, falling to N1,615/$1 from the previous close of N1,610/$1.

However, the naira performed well against other foreign currencies, appreciating against the British pound to N2,140/£1, from its previous rate of N2,145/£1.

Likewise, it gained 0.28% against the euro, closing at N1,785/€1 compared to the prior close of N1,790/€1.

The naira’s decline against the dollar, after a week of steady appreciation, highlights the dynamic nature of the foreign exchange market. While the currency experienced a period of strength, shifts in market sentiments influenced the currency’s trajectory.

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Tags: naira
Latifat Fashina

Latifat Fashina

LATIFAT FASHINA is the Business/Finance Reporter at Techeconomy. She can be reached via: latifat.fashina@techeconomy.ng

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