AGS NEWS – On Monday, the Nigerian naira experienced a depreciation in both the official and parallel markets. At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira fell to 1,523.85 per dollar from the previous close of 1,509.67.

NAFEM, which facilitates forex trades for investors, exporters, and end-users based on prevailing market conditions, saw the naira reach an intra-day high of 1,540.75 and a low of 1,474.05 per dollar.

The turnover increased to $133.46 million from $116.88 million on Friday, indicating improved market liquidity.

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In the parallel market, the naira also depreciated by 0.33%, closing at 1,528 per dollar compared to 1,523 per dollar on Friday, according to findings.

Despite last week’s strengthening of the naira due to reduced speculative activities, the currency remains the worst-performing globally in the first half of 2024, as reported by Bloomberg.

Factors such as depreciation, insufficient dollar liquidity, and market volatility have impeded efforts by the Central Bank of Nigeria to stabilize the naira.

Alongside the naira, Egypt’s pound and Ghana’s cedi were also among the worst-performing currencies in the same period.

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However, S&P Global has highlighted that the Dangote Oil Refinery and Petrochemicals company could potentially alleviate Nigeria’s forex issues and support the local currency while boosting economic development.