Lagos, Nigeria — November 12, 2024: The naira continued its downward trajectory on Monday, closing at N1,681.42 per dollar at the official foreign exchange (FX) market, marking a marginal loss of 0.2 percent or N2.55 compared to the previous day’s rate of N1,678.87/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to data from the FMDQ Securities Exchange Limited.
The FX market also saw a sharp decline in turnover, with the daily trading volume falling by 66.43 percent to $471.50 million, down from $1,403.76 million recorded on Friday.
The intraday high on Monday was N1,695, slightly higher than the N1,698.50 closed on Friday, while the intraday low reached N1,631 per dollar, compared to N1,609 on Friday. On the parallel market, the naira depreciated to N1,740/$, losing N8 from the previous day’s N1,732/$.
The latest figures reflect ongoing volatility in Nigeria’s currency market, driven by a combination of foreign exchange scarcity, market speculation, and fluctuating investor sentiment.