Naira Shows Mixed Performance in FX Markets

The Nigerian Naira displayed divergent trends in the official and black market segments of the foreign exchange market on Thursday, October 22.

In the black market, the Naira depreciated by N2 against the US Dollar, trading at N1,360/$1, compared to N1,358/$1 the previous day.

Conversely, the Naira appreciated by 32 Kobo or 0.02 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), closing at N1,334.40/$1.

Against the Pound Sterling, the Naira weakened by N10.55 to N1,798.28/£1, while it also declined against the Euro by N7.12 to N1,506.41/€1.

Analysts anticipate further weakening of the Naira as importers prepare to purchase hard currency ahead of the holiday season and investors liquidate securities.