Oddbean

Naira reverses gains in all markets as dealers, banks sell dollar at new rates ========== The naira has reversed the gains of Friday, July 5, 2024, after it depreciated to N1,523 per dollar in the official market. Currency dealers quoted the naira at a high of N1,540.75 and a low of N1,474.05 per dollar. The local currency crashed by 0.35% in the parallel market, trading at N1,530 per dollar, a three-month low. The naira depreciated against the US dollar on Monday, July 8, 2024, despite improved Forex turnover in the official foreign exchange market. Analysts believe the early gains recorded in the official market were due to improved liquidity and enhanced inflows into the Nigerian FX reserve, which increased by $110 million in 24 hours on Sunday, July 7, 2024, to $34.7 billion. The black market depreciation represents a 0.65% loss compared to the N1,520 quoted in the parallel market on Friday, July 5, 2024. Forex trader and financial analyst Jude Ude disclosed that importers' renewed pressure on the dollar led to the crash of the Nigerian currency. The naira crossed the N1,500/$ mark in the official and parallel markets on Wednesday, June 3, 2024. Currency dealers in the official market quoted the spot rate at a high of N1,535 per dollar and a low of N1,445. #Naira #ExchangeRates #ForeignExchangeMarket #Depreciation #ForexTurnover #BlackMarket #Liquidity #Inflows #FxReserve #Importers #DollarPressure https://www.legit.ng/business-economy/economy/1601229-new-exchange-rates-naira-reverses-gain-crashes-official-black-markets-fx-reserve-rise/