The naira on Monday remained under mild pressure against the dollar in the official foreign exchange (FX) market despite improving liquidity in the interbank FX segment and continued growth in Nigeria’s external reserves.
Data published by the Central Bank of Nigeria (CBN) showed that the naira depreciated slightly by N2.70 as the dollar was quoted at N1,383.63 on Monday, compared to N1,380.93 on Friday at the Nigerian Foreign Exchange Market (NFEM).
Activity in the interbank FX market strengthened significantly. Total turnover surged by 80.28 percent to $223.94 million on Monday from $124.22 million recorded on Friday. The number of deals also rose sharply from 108 to 173, representing a 60.19 percent increase, indicating stronger market participation at the start of the week.
Although the CBN had yet to release Monday’s NFEM turnover and transaction data as of the time of filing this report, available data for Friday showed mixed market activity. The number of deals edged down by 1.64 percent to 299 from 304 recorded on Thursday, while total turnover declined by 52.68 percent to $437.09 million from $923.64 million.
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