₦airaland Forum

The naira appreciated to 1,339.33/$ at the close of trading on the official window on Monday, gaining 9.68 per cent over Friday’s 1,482.81/$.

According to FMDQ data, which houses the Nigerian Autonomous Foreign Exchange Market, the daily turnover dropped to $180.80m from $556.25m on Friday, indicating a 67.50 per cent decline.

At the official market, the naira traded at an intraday high of N1,501 and an intraday low of N1,310 to the dollar on Monday.


At the black market, the naira traded at N1,520, indicating a 1.32 per cent depreciation from N1,500 exchanged on Friday.


The local currency on Friday closed flat against the dollar, ending the week marginally strong at the official foreign exchange market after weeks of weakening, a situation that the Central Bank of Nigeria Governor, Olayemi Cardoso, termed seasonal fluctuation.

He said this at the post-Monetary Policy Committee meeting press briefing last Tuesday in Abuja.

“Members further observed the recent volatility in the foreign exchange market, attributing this to seasonal demand, a reflection of the interplay between demand and supply freely functioning market system,” Cardoso said.


Meanwhile, the demand for foreign exchange by individuals and companies seeking to do importation and other forex-related activities fell 42 per cent year-on-year, the latest data from the CBN has shown.

An analysis of the total sectoral utilisation of foreign exchange revealed that 19 sectors and services received $21.12bn forex allocation in 2023.

The figure was, however, a 41.9 per cent or $8.87bn reduction from the $29.98bn disbursed to the industry players in 2022, according to the quarterly statistics report by the CBN.

Forex allocation refers to the process through which the CBN distributes foreign exchange to various sectors of the economy, including individuals, businesses, and government agencies, based on certain criteria and priorities.

In June 2023, the CBN adopted a floating exchange rate system for the naira, unifying all forex market segments, consequently leading to a notable depreciation of the domestic currency against the US dollar and other global currencies.

Killerofpigs:
Punch Newspaper is a disgrace to journalism.

I remember when Punch deleted a news feed about TILUMBU and his various degrees of documented failings as regards corruption cases, forged documents and even drug related cases. Immediately people made reference to those articles, same Punch Newspaper deleted NEWS from their archives because TILUMBU was indicted by the paper

Since then Punch has not hidden and shown it's disdain at being the newsprint that pushes worthless Propaganda even more than the Nation Newspaper.

Punch Newspaper should stop embarrassing themselves with worthless journalism.

Tell your sponsor to take the prices back to the PDP era of $1/#200. Atleast during that time Soyinka, Bakare, kosoko etc all gathered at OJOTA to insult Jonathan.

Now, you have to mandate your benefactor to send it back to #200/$1.

Stop applauding useless failings..

Nonsense

BadMaster:
Why so much anger and bitterness because Naira is reported to have recorded gains?

BadMaster:
Why so much anger and bitterness because Naira is reported to have recorded gains?

Killerofpigs:
When it was $1/#200 you were angry and mobilized to OJOTA abi?

You insulted a man that gave you fuel at #87/litre right.

Now you celebrate $1/#1330..and celebrate buying fuel at #650/litre?

Without sounding pissed at your quote. Are you normal at all? Mentally speaking, are you balanced?

Hermaphrodite2:
We are tired of this strengthens and weakens .

Let it stabilize

ziragoldd:
dollar is 1500 at the black market

Ola9ja23:
When It was 200 did it starts from 200?


This igbos and their bitterness mentality 😀🤣😁😁

Sorry I forgot you guys lost election in 2015 so you must be sad till Jesus comes 😁🤣🤣😀