Naira Weakens To N1,234/$ At NAFEM

The value of the naira opened this week’s trading weaker at both the Nigeria Autonomous Foreign Exchange Market (NAFEM) as well as the parallel market, closing Monday’s trading at N1,234.49 and N1,230 to the dollar respectively.

Having strengthened to N1,000 to the dollar, the value of the naira depreciated to N1,145 at the close of trading last week. Its depreciation at the parallel market continued as it closed at N1,230 to the dollar on Monday.

At the official window, the value of the naira depreciated from N1,169.99 which it closed trading last week Friday to N1,234.49 at the close of trading on Monday. Trades at the NAFEM were consummated between N1,295 and N1,051 to the dollar.

At the end of trading on Monday, a turnover of $110.17 million was recorded as against $889 million that was recorded on Friday.
Last week, activity level in the NAFEM window soared 276.1 week on week to close at $1.7 billion while the naira lost 2.4 per cent against the greenback to settle at N1,169.99.

Analysts say they anticipate that the naira will continue with its appreciation as the Central Bank of Nigeria (CBN) continues its short-term remedies.