Naira depreciates further to N1,534/$ on NAFEX

The Naira depreciated further to N1,534/$ on Monday according to data on the Central Bank of Nigeria and FMDQ website.

This is a landmark as it is the first time the dollar would be exchanging at over N1,500 since the crisis putting more pressure on businesses and importers.

This is despite the several measures and interventions by the Central Bank of Nigeria (CBN) aimed at stabilising the market.

However, local currency has defied all the interventions and continues to depreciate against the foreign currency.

Despite the dollar exchanging at N1,534 at the official market, it has stabilised at the unofficial parallel market exchanging between N1,450 and N1500.

Meanwhile, the naira closed at N1499.07 to the dollar on Tuesday according to FMDQ data.

The Nigerian Autonomous Foreign Exchange Market (“NAFEM”) is the market trading segment for Investors, Exporters and End-users that allows for FX trades to be made at exchange rates determined based on prevailing market circumstances, thus ensuring efficient and effective price discovery in the Nigerian FX market. The NAFEM was established by the Central Bank of Nigeria (“CBN”) via a circular dated April 21, 2017.