The Nigerian naira has depreciated against the US dollar in both official and black foreign exchange markets as of November 26, 2024. In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the naira opened the week at N1,675.62 per dollar, reflecting a N23 decline from N1,652.62 on November 22.
Forex transactions dropped significantly to $108.79 million on Monday, down from $243.05 million on Friday. In the black market, the naira fell to N1,770 per dollar from N1,750 over the weekend, widening the margin between the parallel market and NAFEX rate to N117.38.
Traders anticipate ongoing pressure on the naira due to increased demand for foreign currencies during the festive season. The Lagos Chamber of Commerce and Industry has predicted potential improvements in the naira's value, contingent on the Central Bank of Nigeria reviewing the current exchange rate policies.