The Nigerian currency, the naira, fell in value both in the official market and the parallel market on Monday.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira dropped to 1,523.85 per dollar from the previous rate of 1,509.67 per dollar.
NAFEM is where investors, exporters, and other users trade foreign exchange at rates set by market conditions.
During the day, the naira reached a high of 1,540.75 and a low of 1,474.05 per dollar. The total amount traded was $133.46 million, which is more than Friday’s $116.88 million, showing more money available in the market.
In the parallel market, the naira also weakened, ending at 1,528 per dollar compared to 1,523 per dollar on Friday.
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Last week, the naira gained some strength due to fewer speculative activities, which helped it perform better against the US dollar.
By the end of the first half of 2024, the naira was the worst-performing currency in the world.
Bloomberg reported that the naira’s decline, lack of dollar supply, and market instability have made it hard for the Central Bank of Nigeria to improve the currency’s value.
Other poorly performing currencies were Egypt’s pound and Ghana’s cedi.
Meanwhile, S&P Global, an international financial analytics company, said the Dangote Oil Refinery and Petrochemicals company could help solve Nigeria’s foreign exchange problems and support the naira, while also boosting economic growth.
