Naira depreciated at the official market yesterday as it moved from N839.48 to N850.22 at the Nigerian Autonomous Foreign Exchange Fixing (NAFEX), FMDQ Security Exchange Limited.
Despite the decline, about $143.55million turnover was traded by investors and exporters.
NAFEX is the reference rate for Spot FX operations in the Autonomous FX Market which comprises recognized FX trading segments, including but not limited to the Inter-bank market, the I&E FX Window and any such approved and recognised trading segment as may be defined.
It was, however, gathered that the market gained significantly on Monday as it closed at N795.41.
However, experts have blamed hoarders and speculators for the drop in the value of naira.
A Capital Market executive, Samuel Showunmi, said artificial pricing largely due to hoarding and speculating of the FX is currently responsible for the huge disparity between the two currencies
Naira depreciated at the official market yesterday as it moved from N839.48 to N850.22 at the Nigerian Autonomous Foreign Exchange Fixing (NAFEX), FMDQ Security Exchange Limited.
Despite the decline, about $143.55million turnover was traded by investors and exporters.
NAFEX is the reference rate for Spot FX operations in the Autonomous FX Market which comprises recognized FX trading segments, including but not limited to the Inter-bank market, the I&E FX Window and any such approved and recognised trading segment as may be defined.
It was, however, gathered that the market gained significantly on Monday as it closed at N795.41.
However, experts have blamed hoarders and speculators for the drop in the value of naira.
A Capital Market executive, Samuel Showunmi, said artificial pricing largely due to hoarding and speculating of the FX is currently responsible for the huge disparity between the two currencies
