Naira exchanges at N1,043 against dollar at FX market

The naira, on Thursday, continued to suffer depreciation against the dollar as it exchanged at N1,043.09 at the official foreign exchange market.

The naira exchanged for the dollar at N872.59 at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday.

According to dealers, the rate was stronger than N885.88/$ quoted on Friday before the Christmas holidays.

Data from the FMDQ showed that dollar supply increased by 38.81 percent to $127.93 million on Wednesday from $92.16 million recorded last Friday.

The dollar was supplied by willing buyers and willing sellers who participated in the FX auction at NAFEM.

READ ALSO: Murray-Bruce: Why naira loses value in FX market

They quoted the dollar at N1,235.65 on the spot trading, stronger than $1,248 quoted on Friday. For the lower spot rate, the dollar traded for N740, weaker than N700 on Friday.

Data from the FMDQ showed that dollar supply increased by 38.81 percent to $127.93 million on Wednesday from $92.16 million recorded on Friday.

Naira has been rated among the world’s worst-performing currencies in 2023.

This is coming on the heels of Bloomberg’s latest report that naira is poised for its worst year since the return to democracy in 1999, with analysts predicting further depreciation in 2024.

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Segun Ojo

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