The Nigeria Autonomous Foreign Exchange Market (NAFEM) and the parallel market had lower opening values for the naira this week. On Monday, trading ended at N1,234.49 and N1,230 to the dollar, respectively.
The value of the naira fell to N1,145 at the end of trade last week after strengthening to N1,000 to the dollar. It finished Monday at N1,230 to the dollar, continuing its downward trend on the parallel market.
From N1,169.99 at the close of trade on Friday of last week to N1,234.49 on Monday, the value of the naira declined at the official window. Around N1,295 and N1,051 to the dollar were traded at the NAFEM.
Compared to the $889 million reported on Friday, there was a turnover of $110.17 million at the close of business on Monday.
The NAFEM window’s activity level surged 276.1% week over week to finish at $1.7 billion last week, while the naira fell 2.4% vs the US dollar to settle at N1,169.99.
According to analysts, as long as the Central Bank of Nigeria (CBN) keeps implementing short-term fixes, the naira would continue to appreciate.