…Naira falls 1.3% NGN902.45/USD
…FX Reserves increases by USD82.42 million w/w
SAT, JAN 20 2024-theGBJournal|The naira depreciated by 1.3% to NGN902.45/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM), with total turnover in the market (as of 18 January 2024) decreasing by 36.4% WTD to USD419.92 million, as trades were consummated within the NGN701.00 – NGN1,299.50/USD band.
In the Forwards market, naira rate recorded appreciation across the 1-month (+2.7% to NGN958.29/USD), 3-month (+3.1% to NGN974.87/USD), 6-month (+3.9% to NGN1,000.61/USD) and 1-year (+4.7% to NGN1,064.51/USD) contracts.
Recall that last week, the exchange rate at the NAFEM window lost 2.38% to close at N890.54/US$1 as supply challenges continue to impact the market. Similarly, at the parallel market, the Naira fell by 2.21% to close at N1,265.00/US$1 influenced by the supply inefficiencies in the official window.
The Central Bank of Nigeria’s gross foreign exchange reserve rose 0.15% to close the week at US$33.09bn.
Nigeria’s FX reserve maintained its accretion trend this week, increasing by USD82.42 million w/w to close at USD33.20 billion (16 January 2024).
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