FX pressure continues as naira falls to N1,140 per dollar

The pressure on the foreign exchange (FX) market continued on Monday as the Nigerian naira fell to N1,140 per dollar on the black market, popularly called black market, following increased demand for the greenback by the end users .

This represents 0.44 percent weaker than N1,135 per dollar exchanged on Friday on the same market. Some traders at CMS sold dollars at N1,100 during the morning trading session. At Ibadan, one dollar was sold for N1,150 and at the Lagos Airport it went for N1,145/$1.

Naira free falls peaked at N1,310 per dollar on October 24, 2023 before strengthening to N1.020/$1 on November 3, 2023, according to data compiled by BusinessDay.

At the Autonomous Foreign Exchange Market (NAFEM), naira appreciated by 5.87 percent as the dollar was quoted at N791.75 on Friday compared to N841.14 quoted on Thursday, data from the FMDQ indicated.

The market recorded the highest spot rate of N1,120 per dollar and lower rate of N701 on Friday at the official market. The daily FX market turnover rose by 23.60 percent to $157.78 million on Friday from $127.65 million recorded on Thursday.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.