Naira slides as weekly dollar liquidity extends decline
The naira closed weaker last week as dollar liquidity in the official market declined by 10.29 percent, according to data
The naira closed weaker last week as dollar liquidity in the official market declined by 10.29 percent, according to data from Lagos-based securities exchange FMDQ.
In the FX Spot and Derivatives markets, the total turnover for the week-ended August 23, 2024, was $814.17 million, a decrease of 10.29% ($93.36 million) from $907.53 million reported for the week-ended August 16, 2024, according to a report on Saturday.
FMDQ said: “The week-on-week decrease in total turnover was jointly driven by the 9.29% ($83.23 million) decrease in FX Spot turnover, which recorded a total value of $812.26 million, compared to $895.49 million recorded in the week-ended August 16, 2024, and the 84.14% ($10.13 million) decrease in FX Derivatives turnover.
“The decrease in FX Derivatives turnover was solely driven by the 84.14% ($10.13 million) decrease in FX Forwards turnover, whilst there was continued lack of activity in both the Exchange-Traded FX Futures and Cleared Naira-Settled Non-Deliverable Forwards markets.
“For the week-ended August 23, 2024, the average Nigerian Autonomous Foreign Exchange Fixing was $/₦1,590.67, compared to $/₦1,578.54 recorded in the week-ended August 16, 2024.”
