MON, NOV 27 2023-theGBJournal|The naira depreciated by 2.4% to N814.60/USD on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The exchange rate in the Nigerian Autonomous Foreign Exchange Market (NAFEM) fell by 0.40% to close at N794.89/US$1 last week.
Similarly, in the parallel market, the Naira fell by 1.73% to close at N1,155.00/US$1. Consequently, the gap between the NAFEM window and the parallel market settled at 45.30%.
The reported gross foreign exchange (FX) reserves of the CBN fell by 0.30% to close at US$33.20bn.
The CBN Governor, in his keynote address at the CIBN annual bankers’ dinner last week, stated that the CBN is committed to ensuring that FX challenges be addressed with new market policies, while also ensuring that FX backlogs are cleared.
Cordros research analysts say they expect the CBN to continue to intervene in the market until a degree of stabilisation is reached.
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