Naira trades at N1,635.15/$ as liquidity drops at NAFEM

Oct. 8, 2024 - Businessday

On Monday, the naira traded at N1,635.15 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), marking the first trading day of the week.

In the parallel market, also known as the black market, the naira depreciated to N1,675 on Monday. Breaking its winning streak, the Naira at the NAFEM window depreciated by 5.

54 percent to N1,631.21/$1 last week, according to a report by Coronation Asset Management.

Consequently, the premium of the official rate to the street rate narrowed to 2.38 percent.

Read also: Naira loses N90.43 at official market in one weekThe CBN’s published gross foreign reserves closed the week up by 1.

36 percent (or $517.01m) to close at $38.

58bn...