Naira Depreciates Amid Post-Holiday FX Activity

Data from FMDQ showed the naira depreciated by N0.67k to N361.00k per dollar compared to Friday’s closing rate of N360.33k.

The aira weakened by N0.25k/$ at the Nigerian Foreign Exchange Fixing (NiFEX) window, closing at N331.16k on Tuesday after trading at N330.91k on Friday.

At the investors and exporters window, the naira appreciated 0.14 percent to N360.33/USD, while the Bureau De Change and black market rates rose 0.28 percent and 0.27 percent respectively.

Naira liquidity remained stable as net foreign exchange reserves increased significantly following recent reforms, reaching $54.60bn.

The naira depreciated by N0.67k to close at N361.00k per dollar at the investors and exporters window, down from N360.33k on Friday December 29, 2017, according to FMDQ data.

The aira weakened by N0.25k/$ at the Nigerian Foreign Exchange Fixing (NiFEX) window, settling at N331.16k after trading at N330.91k on Friday.

At the I&E window, the naira appreciated 0.14 percent to N360.33/USD, while Bureau De Change rates rose 0.28 percent and black market rates increased 0.27 percent.

Net foreign exchange reserves reached $54.60bn following reforms, indicating improved liquidity despite the naira’s post-holiday depreciation.