SAT, MAR 09 2024-theGBJournal|The naira depreciated by 4.9% to N1,627.40/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM) following sustained frail market supply.
NAFEM’s total turnover (as of 07 March 2024) fell by 35.4% WTD to US$1.00 billion, with trades consummated within the N1,400.00 – N1,652.00/USD limit.
In the Forwards market, the naira rates on the 1-month (-1.2% to N1,600.35/USD), 3-month (-2.5% to N1,664.04/US$), 6-month (-2.6% to N1,723.11/US$) and 1-year (-2.1% to N1,841.52/US$) contracts all declined.
Meanwhile, Nigeria’s FX reserves grew further this week, as the gross reserves level increased by US$347.53 million w/w to US$34.11 billion (07 March).
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
