Naira Appreciates Slightly in November, Offers Glimmer of Hope
The Nigerian Naira on the 2nd of November recorded a marginal appreciation at both the official and parallel markets. According to the data from FMDQ and Bureau de Change (BDC) operations.
In the official market, the naira strengthened against the US dollar by 0.17%, improving from an opening rate of N1,675.49/$1 at the start of the month to N1,672.69/$1 by month-end. At the parallel market, the naira appreciated by 0.40%, moving from N1,750/$1 at the beginning of November to N1,743/$1 by the end.
Other currencies that was affected by the naira were the key currencies gaining 1.76% against the pound to close at N2,230/£1 and 1.88% against the euro, closing at N1,830/€1 by the end of the month.
Key data points
Official market performance
Naira gained 0.17% against the dollar in the official market, closing at N1,672.69/$1 on November 30, compared to the opening rate of N1,675.49/$1 on November 1.
One of the month’s weakest offical exchange rate was N1,690.36/$1 on Novemeber 18, while the strongest month was N1,644.86/$1 on November 28.
Market Trends
Naira saw a sustainable depreciation early in the month of November before gaining in the final week of the month . Volum of trades were recorded, reaching heights of $1,403.76 million on Nov 8, up from $244.96m the previous day.
Despite the ups and downs the parallel market remained relatively statble, with the rates ranging from N1,725/$1 AND N1,755/$1
What to expect
Nigerian’s revenue is serious pressure, more inflations to hit, challenges and negatively impacting the naira stability.
With a little glimmer of hope provided by the naira in november, the structural economic reforms and the broader global economic climate.
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