The Naira appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM) as the local currency appreciated by 5.4 per cent and sold against the US Dollar at N1,552.92/$1 on Monday, October 14, as the domestic currency recorded an N88.25 gain versus N1,641.27/$1 which it was valued at the previous session on Friday.

This happened even as supply fell at the session as turnover published on the FMDQ Group website stood at $343.71 million indicating that the session’s turnover dropped by 44.3 per cent, indicating a decrease of $273.02 million compared to $616.73 million published the previous day.

US Dollar demand pressures eased at the beginning of the week following $50 million FX auction sales to local banks last week.

Equally, the domestic currency also witnessed gains against the Pound Sterling and the Euro. On the British currency, the local currency made a rise of N36.64 to wrap the session at N2,089.62/£1 from N2,126.26/£1 that it sold at the previous session.

Against the Euro, the Nigerian currency closed at N1,749.12/€1 versus N1,772.69/€1, indicating an N23.57 depreciation.

In the FX market, the Naira has been fluctuating for several months despite the Central Bank of Nigeria’s interventions.

The Central Bank of Nigeria(CBN) introduced the Electronic Foreign Exchange Matching System (EFEMS) in October 2024 for foreign exchange transactions in the NAFEM.

The Naira closed flat at N1,673.55 to the US Dollar, making no movement from the price it sold at the market last week.

Meanwhile, the Naira weakened its value marginally against the Pound Sterling in the official market by 67 Kobo to sell at N2,137.36/£1 compared with the preceding session’s N2,136.69/£1.

It followed a different route against the Euro as it appreciated 47 Kobo to quote at N1,829.82/€1 versus the previous day’s rate of N1,830.29/€1.

The local currency also pulled an 81 Kobo depreciation to close on the Canadian Dollar at N1,201.66 against Wednesday’s N1,202.47 per CAD.

The Naira closed the week weaker against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, October 11 to N1,641.27/$1, as the local currency lost 1.15 per cent at the specialised window, according to data obtained from FMDQ Securities Exchange.

The week’s closing value was down N18.70 compared to N1,622.57/$1 published in the preceding session on Thursday.

There was a surge in turnover recorded on Friday as secondary data showed an aggregate of $616.73 million cleared on record, compared to $145.56 million, a rise of $471.17 million or 323.7 per cent.

This is more than $543.5 million announced by the Central Bank of Nigeria (CBN) announced that it sold to authorised dealer local deposit money banks (DMBs) to reduce observed market volatility driven by high demand for commodity imports and seasoned demand for FX between September 6 and 30, 2024.

The rise in supply could be a result of fresh CBN intervention in the market after it had paused for the past two weeks.

In a different pattern, the local currency closed flat against the Pound Sterling and the Euro in the week’s closing session at the official FX market.

Trading against the British currency, the local currency closed at N2,126.26/£1 while it closed at the rate of N1,772.69/€1 against the Euro.

In the Parallel market, the Naira gained on the American currency as it closed at N1,673.54 to the US Dollar, a rise of 94 Kobo compared to N1,674.48/$1 it closed during the Wednesday trading session.

The Naira strengthened its value against the Pound Sterling in the official market by N3.70 to sell at N2,136.68/£1 compared with the preceding session’s N2,140.38/£1 and followed the same pattern against the Euro as it appreciated N7.54 to quote at N1,830.29/€1 versus the previous day’s rate of N1,837.83/€1.

The local currency also appreciated N8.59 to close at N1,202.47 per Canadian Dollar, compared to Wednesday’s N1,211.06 per CAD.

The Naira exchange rate improved slightly in the official forex market as the Central Bank of Nigeria (CBN) failed to resume the retail Dutch auctions again.

The Naira rose by 0.16 percent on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) to exchange at N1,622.57/$1 on Thursday, October 10 amid a further drop in supply at the official market.

The local currency rose on the greenback by N2.56 versus N1,625.13/$1 which it closed at the previous session on Wednesday.

Demand for foreign currency continues to overshadow FX liquidity, leaping exchange rate movement tight across the markets.

Data showed a decline in supply as the turnover published on the FMDQ Group website stood at $145.56 million. This indicated that the session’s turnover fell by 14.7 percent, indicating an appreciation of $25.04 million compared to the $170.60 million published in the last trading session.

Meanwhile, the Naira witnessed losses against the Pound Sterling and the Euro. The domestic currency made a N41.18 slide on the British currency to wrap the penultimate session at N2,126.26/£1 from N2,085.08/£1 that it sold at the previous session.

In the same trend, against the Euro, the Nigerian currency closed at N1,772.69/€1 versus N1,746.58/€1, indicating an N26.11 depreciation.

In the Parallel market, the Naira closed at N1,674.48 to the US Dollar, a difference of N22.32 compared to N1,652.16 it closed during the Wednesday trading session.

The gap between official and parallel market rates had crossed N120 in the recent past until the Central Bank of Nigeria FX intervention which has brought the gap within N50-N60 on the greenback.

The Naira weakened its value against the Pound Sterling in the official market by N27.19 to sell at N2,140.38/£1 compared with the preceding session’s N2,113.19/£1.

It followed the same route against the Euro as it appreciated N22.57 to quote at N1,837.83/€1 versus the previous day’s rate of N1,815.26/€1.

The local currency also pulled a N4.66 depreciation to close on the Canadian Dollar at N1,211.06 against Wednesday’s N1,206.40 per CAD.