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Naira drops against US Dollar at forex market ahead of Christmas

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The Naira dropped against the US dollar at the foreign exchange markets on Friday as corporate businesses closed for the Christmas celebration in Nigeria.

Official data from FMDQ showed that the Nigerian Naira weakened against the US Dollar by falling 2.71 per cent to N885.88/$1.

Naira’s loss on Friday represented an N23.97 or 2.71 per cent depreciation compared to its Thursday close of N861.91.

Similarly, the Naira depreciated in the parallel forex market, where forex is sold unofficially.

Accordingly, the exchange rate at the parallel market depreciated by 0.16 per cent, quoted at N1230/$1, while peer-to-peer traders quoted around N1163,35/$1 on Friday.

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This comes on the heels of a 22 per cent drop in forex turnover to $92.16 million.

The implication for Nigerians this Christmas is that more money will be spent on Dollar-related purchases.

Since 14 June 2023, when the apex bank introduced FX reforms, Naira has continued fluctuating in the forex market.

However, the Governor of CBN, Olayemi Cardoso, recently assured Nigerians that the Naira is expected to strengthen at FX market in 2024.

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