On Monday, the naira fell 2.31 percent, or N38.12, to N1690.37/$ on the National Autonomous Foreign Exchange Market, from its closing value of 1652.25/$ the week before.
The daily turnover was $173.14 million on Monday, down 42% from $296.63 million on Friday, according to FMDQ data.
The naira strengthened from N1,740 in the previous trading session to settle at 1,735 to the dollar on the parallel market.
The naira to dollar exchange rate was up 159 basis points from the previous week as of Friday, closing the week at N1652.25/$.
As the average turnover in the NAFEM segment increased by 154.6% week over week to conclude at $527.5 million, activity levels rose.
Domestically, the foreign reserve of the Central Bank of Nigeria increased by 0.5% week over week to $40.2 billion as of November 13, the highest amount since January 2022.
The naira has been the subject of numerous forecasts recently. Veriv Africa, a data analytics firm, predicts in its Nigeria Macroeconomic Outlook 2025 that Nigeria’s exchange rate would continue to be very volatile in 2025, exacerbating the difficulties the local currency is having this year.
