The Naira declined N70.65 against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX) to exchange at N1,670.65/$1 on Monday after Dollar liquidity in the currency market slid heavily.

The domestic currency depreciated by 4.4 percent versus N1,600.00/$1 it closed in the previous session on Friday.

The Naira has seen volatile levels this year as the Central Bank of Nigeria (CBN) has not been able to constantly sell FX to the market. In the last two months, the apex bank has erratically supplied FX sales to the market.

The CBN has announced plans to fix this as the governor of the apex bank, Olayemi Cardoso, has said Nigeria will attract $1 billion in diaspora remittances in 2025.

The apex bank said the concerns raised by international money transfer operators have been addressed and also introduced other banking products that would help in “increasing the inflows to $1 billion monthly,”

Cardoso also said monthly inflows from this channel have risen from $250 million in April to $600 million in September.

Data showed a slump in supply as the turnover published on the FMDQ Group website stood at $81.17 million indicating that the session’s turnover dropped 71.5 per cent, suggesting that there was a decline of $203.76 million compared to the $284.93 million that was published in the last trading session.

However, the Naira witnessed gains against the Pound Sterling and the Euro. It rose N4.58 on the British currency to wrap the session at N2,127.71/£1 from N2,132.29/£1 that it sold at the previous session. In the same trend, against the Euro, the Nigerian currency gained N5.95 and closed at N1,774.13/€1 versus N1,768.18/€1.

In the black market, the Naira lost N10.02 against the greenback to close at N1,699.63 to the US Dollar compared to N1,689.61/$1 it closed on Friday.

The local currency also dropped in value against the British currency in the black market as it slid by N1.77 to sell at N2,205.92/£1 compared with the preceding session’s N2,204.15/£1 and followed the same pattern against the Euro as it depreciated N1.07 to quote at N1,841.41/€1 versus the previous day’s rate of N1,840.34/€1.

However, the local currency gained N3.91 to close at N1,231.15 per Canadian Dollar, compared to Friday’s N1,235.06 per CAD.

The Naira appreciated against the US Dollar at both the official and black market, easing worries about the local currency on Friday, October 25

The Naira pulled a marginal gain of 0.07 percent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) as the local currency extended its position from the previous session.

Naira gained N1.20 to close the session at N1,600.00/$1 at the official window, according to data obtained from the FMDQ Securities Exchange.

Turnover published on the FMDQ Group website stood at $284.93 million indicating that the session’s turnover slid by 23.4 percent to $230.99 million published the previous day.

This happened as the latest data from the Central Bank of Nigeria (CBN) revealed that the gross balance in the external reserves climbed to $39.20 billion this week.

According to analysts, this is the highest level seen in the last 28 months as historic records showed that Nigeria’s gross external reserves was last seen at $39.219 billion in July 2022.

In the black market, the Naira gained N7.99 against the greenback to close at N1,698.62 to the US Dollar compared to N1,706.61/$1 it closed on Wednesday.

Equally, the domestic currency also witnessed gains against the British currency and the Euro in the week’s final session.

On the Pound Sterling, the local currency made an appreciation of N7.77 to wrap the session at N2,132.29/£1 from N2,140/£1 that it sold at the previous session and against the Euro, the Nigerian currency closed at N1,768.18/€1 versus N1,780.16/€1, indicating an N11.98 appreciation.

The local currency also rose in value against the British currency in the black market as it rose by N8.02 to sell at N2,204.15/£1 compared with the preceding session’s N2,212.17/£1 and followed the same pattern against the Euro as it appreciated N3.74 to quote at N1,840.34/€1 versus the previous day’s rate of N1,844.08/€1.

The local currency halted recent drops as it gained N2.77 to close at N1,235.06 per Canadian Dollar, compared to Thursday’s N1,237.83 per CAD.

The Naira appreciated 3.2 percent to N1,601.20 against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX).

The domestic currency gained N52.89 on the greenback versus N1,654.09/$1, which it closed in the previous session on Wednesday.

Data showed a rise in supply as the turnover published on the FMDQ Group website stood at $230.99 million indicating that the session’s turnover jumped by 69 percent, indicating a rise of $94.31 million compared to $136.68 million that was published in the last trading session.

Equally, the Naira strengthened its value against the Pound Sterling in the official market by N7.16 to sell at N2,140.06/£1 compared with the preceding session’s N2,147.22/£1.

It followed the same route against the Euro as it appreciated N9.77 to quote at N1,780.16/€1 versus midweek’s rate of N1,789.93/€1.

Meanwhile, in the black market, the Naira lost 18 Kobo or 0.01 percent against the greenback to close at N1,706.61 to the US Dollar compared to N1,706.43/$1 it closed on Wednesday.

However, the local currency rose in value against the British currency in the black market as it rose by 20 Kobo to sell at N2,212.17/£1 compared with the preceding session’s N2,212.37/£1 and followed the same pattern against the Euro as it appreciated 71 Kobo to quote at N1,844.08/€1 versus the previous day’s rate of N1,844.79/€1.

Meanwhile, the local currency further depreciated for the fourth straight day as it lost N4.82 to close at N1,237.83 per Canadian Dollar, compared to Wednesday’s N1,233.01 per CAD.

The development contradicts an analysis by the International Monetary Fund (IMF) which reported that the Nigerian Naira is stabilising due to interest rate hikes and the Central Bank of Nigeria’s (CBN) clearance of foreign exchange backlogs.

“In Nigeria, rate hikes and clearing overdue domestic central bank foreign exchange obligations have helped the naira show more signs of stability,” stated the IMF in its global financial stability report.