Naira falls to 1,596.60/$ as dollar liquidity tightens.
On Monday, the naira fell to 1,596.60/$ as dollar liquidity dropped at the official FX market. This marks a 1.66% decline from Friday’s rate of 1,570.14/$, according to FMDQ Securities Exchange data.
Transaction volumes also fell, with daily FX market turnover decreasing by 14.80% to $102.93 million from $120.81 million. The intraday high was N1,610/$, compared to N1,606/$ previously, and the low was N1,500, down from N1,496.
At the parallel market, the naira gained slightly to 1,610/$ from 1,615/$ on Friday. The NAFEM rate closed at 1,570.14/$, appreciating by 0.62% over the week, while the parallel market rate fell by 1.23% to 1,620/$.
The Central Bank of Nigeria reported a 0.23% decrease in foreign exchange reserves to $36.44 billion. Analysts suggest that despite high liquidity in Nigeria’s fixed income markets, inflation remains near peak levels, influencing naira liquidity in the FX market.
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