The Nigerian naira has experienced a depreciation at the official market, trading at N1,416.57 to the dollar, according to data from the FMDQ Exchange.
The naira lost N62.36 on Tuesday, May 7, 2024, marking a 4.60% decline compared to the previous trading day when it exchanged at N1,354.21 to a dollar.
Despite the depreciation, the total daily turnover increased to $160.77 million on Tuesday, up from $84.83 million recorded on Monday, May, 6.
DAILY INSIDER gathered that at the Investor’s and Exporter’s (I&E) window, the naira traded between N1,445 and N1,301 against the dollar.
Naira Appreciates Against Dollar Despite Low Liquidity
Meanwhile, despite low dollar liquidity, the naira appreciated against the dollar at the official foreign exchange (FX) market on Monday.
According to data from FMDQ Securities Limited, the naira strengthened by 3.41 per cent, with the dollar quoted at N1,354.21 compared to N1,400.40 on Friday.
The dollar supply decreased significantly by 57.98 per cent to $84.83 million on Monday from $201.88 million on Friday.
The FX auction summary from FMDQ showed that the intraday high closed at N1,441 on Monday, slightly weaker than Friday’s N1,435. However, the intraday low strengthened to N1,285 compared to Friday’s N1,300.40 at the NAFEM spot.
Nigeria’s Inflation Rate Reaches 33.20% Amid Naira’s Rebound
Meanwhile, DAILY INSIDER reported earlier that Nigeria’s inflation rate increased to 33.20 per cent in March 2024, up from 31.70 per cent in February of the same year.
This was disclosed on Monday, April 15, 2024, by the National Bureau of Statistics (NBS) in its consumer price index (CPI) report.
DAILY INSIDER gathers that the CPI report tracks how prices for goods and services change over time.
Compared to March 2023, the year-on-year headline inflation rate climbed to 11.16%, surpassing the 22.04% recorded last year.