November 3, 2024
Naira trades at N1,635 to 1$ as liquidity drops at NAFEM
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Naira trades at N1,635 to 1$ as liquidity drops at NAFEM

Naira trades at N1,635 to 1$ as liquidity drops at NAFEM
Naira trades at N1,635 to 1$ as liquidity drops at NAFEM

On Monday, the Naira traded at N1,635 per dollar at the Nigerian Autonomous Foreign Exchange Market, NAFEM, after the first trading day of the week.

According to the FMDQ Securities Exchange Limited, this is a slight decline of 0.24 percent against the dollar, compared to the N1,631 rate recorded on Friday at NAFEM.

The dollar supply from willing sellers and buyers fell by 47.04 percent to $126.24 million on Monday, down from $238.36 million recorded on Friday at NAFEM.

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In the parallel market, popularly known as the black market, the Naira depreciated to N1,675 on Monday, representing a loss of N10 or 0.6 percent compared to N1,665 quoted on Friday in the black market.

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