MON NOV 04 2024-theGBJournal| The Naira, so far, has fallen by 45.58% year-to-date, 3.55% shy of the total depreciation of the Naira in 2023.
The drop has been largely due to supply constraints as the CBN intends to reduce its intervention in the market and allow organic recovery, highlighting the improvements in
remittance inflows (i.e the +130.00% y/y growth in July to US$553.0m).
The parallel market rate shared the same sentiment, falling by 0.29% to N1,745.00/US$1.
As a result of the dip in the official rate, its premium to the street market rate was reduced to N78.28 (or 4.70%) from N140.00 (or 8.75%) the previous week.
Meanwhile, the currency closed lower today by 0.6% to N1,676.90/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
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