Naira slips further, drops 0.6% to hit N1,676.90 against Dollar

The Naira weakened at the official market on Monday, trading at N1,676.90 to the dollar, as reported by data from the FMDQ Exchange, the platform overseeing Nigeria’s Autonomous Foreign Exchange Market (NAFEM).

This represents a decline of N10.18 or 0.61 per cent compared to the last trading session on Friday, Nov. 1, when the Naira closed at N1,666.72 to the dollar.

Market analysts attribute the dip to increased dollar demand and ongoing pressures in the foreign exchange market.

In addition to the depreciation, the total daily turnover at the official market also saw a significant drop, closing at $79.47 million on Monday, down from $94.20 million recorded on Friday.

Market experts suggest that this reduction in turnover indicates restrained dollar inflows and challenges in meeting demand.

Meanwhile, at the Investor and Exporter (I&E) window, the Naira traded within a range of N1,690.00 to N1,591.60 against the dollar, showing a slight fluctuation in rates amid persistent foreign exchange demand.

The I&E window continues to serve as a barometer for exchange rates, reflecting trading sentiment among investors and exporters.

The continued depreciation of the Naira highlights the challenges facing Nigeria’s foreign exchange market, including the need for structural reforms to stabilise the currency and attract more foreign investments.