Despite the increased supply of foreign exchange, the Naira depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, decreasing by 0.15% at N2.38 to settle at N1,603.16 per $1, compared to the previous session’s rate of N1,600.78 per $1.
The trading turnover for the day was $359.22 million, up by 2.4% or $8.50 million from last Friday’s $350.72 million. However, the Nigerian currency remained steady against the British Pound and the Euro on the week’s first trading day, staying at N2,153.90 per £1 and N1,800.79 per €1, respectively.
Last week, Mr Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), said the Naira is “gradually returning” due to the apex bank’s efforts to ensure stability.
“The confidence in the Naira is gradually returning as a result of the policies we are already undertaking, which goes back to the whole issue of orthodox monetary policy, that is really what begins to encourage people to hold onto the Naira,” he said at the World Bank Nigeria development update in Abuja.
Meanwhile, on Monday, the Naira lost N5 on the black market to settle at N1,720 per $1, compared to the value of N1,715 per $1 the previous day.