Naira depreciates to N1,164/$ on black market

By Sodiq Adelakun

The Nigerian naira faced further pressure on the foreign exchange (FX) market on Monday, as it depreciated to N1,164 per dollar on the black market. This marks a 1.21 percent decrease compared to the N1,150 per dollar rate on Friday.

The depreciation is a result of the high demand for dollars by individuals and importers who were unable to meet their FX requirements through the official market due to a scarcity of greenback.

Despite a decrease in dollar liquidity on Friday, the naira actually strengthened against the dollar at the Autonomous Foreign Exchange Market (NAFEM).

The local currency lost 16.88 as the dollar was quoted at N794.89 on Friday as against N956.33, which closed on Thursday at NAFEM, data from the FMDQ indicated.

Willing buyers and willing sellers quoted the dollar at a spot rate of N1,136, the highest and lowest rate of N700 per dollar.

The daily foreign exchange market turnover declined by 28.13 percent to $ 75.82 million on Friday from $105.50 recorded on Thursday.