Naira Depreciates against Dollar, Pound, Euro in NAFEX as FX Liquidity Dwindles

It was not a good day for the Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEX) as its value weakened against the US Dollar for a third straight session on Thursday by 1.08 per cent or N17.09 to quote at N1,603.80/$1 compared with the previous day's rate of N1,586.71/$1.

The Naira depreciated against the US Dollar at the official foreign exchange market on Thursday, extending its losses for the third consecutive session.

Specifically, the Naira lost 1.08 per cent or N17.09 against the Dollar at the NAFEX window to close at N1,603.80/$1 compared with the previous day’s rate of N1,586.71/$1, data from the FMDQ Securities Exchange where forex is traded officially in Nigeria showed.

This represents the worst performance of the Naira at the NAFEX window since 21 July 2021 when it depreciated by 1.13 per cent against the Dollar.

The Nigerian currency had closed at N1,593.05/$1 at the NAFEX window on 20 July 2021, and began a rally against the Dollar, appreciating by 0.04 per cent on 21 July 2021 to close at N1,592.04/$1.

However, the Naira commenced a downturn against the Dollar on 22 July 2021, depreciating by 0.07 per cent to close at N1,593.13/$1.

The Naira continued to depreciate at the NAFEX window for the rest of the week, closing at N1,594.66/$1 on 23 July 2021, and at N1,596.86/$1 on 24 July 2021.

The Nigerian currency, however, appreciated against the Dollar on 26 July 2021 by 0.06 per cent to close at N1,595.36/$1.

But the Naira resumed its depreciation against the Dollar on 27 July 2021, closing at N1,596.03/$1, and at N1,597.13/$1 on 28 July 2021.

The Nigerian currency appreciated against the Dollar on 29 July 2021 by 0.05 per cent to close at N1,596.08/$1.

However, the Naira depreciated against the Dollar on 30 July 2021 by 0.07 per cent to close at N1,597.23/$1, and at N1,598.88/$1 on 31 July 2021.

The Nigerian currency appreciated against the Dollar on 2 August 2021 by 0.06 per cent to close at N1,597.73/$1.

But the Naira resumed its depreciation against the Dollar on 3 August 2021, closing at N1,598.83/$1, and at N1,600.03/$1 on 4 August 2021.

The Nigerian currency appreciated against the Dollar on 5 August 2021 by 0.05 per cent to close at N1,599.03/$1.

However, the Naira depreciated against the Dollar on 6 August 2021 by 0.07 per cent to close at N1,599.83/$1, and at N1,601.13/$1 on 7 August 2021.

The Nigerian currency appreciated against the Dollar on 9 August 2021 by 0.06 per cent to close at N1,600.08/$1.

But the Naira resumed its depreciation against the Dollar on 10 August 2021, closing at N1,600.93/$1, and at N1,602.03/$1 on 11 August 2021.

The Nigerian currency appreciated against the Dollar on 12 August 2021 by 0.05 per cent to close at N1,601.03/$1.

However, the Naira depreciated against the Dollar on 13 August 2021 by 0.07 per cent to close at N1,601.83/$1, and at N1,603.03/$1 on 14 August 2021.

The Nigerian currency appreciated against the Dollar on 16 August 2021 by 0.06 per cent to close at N1,602.08/$1.

But the Naira resumed its depreciation against the Dollar on 17 August 2021, closing at

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