Naira weakens 0.22% as FX turnover slows to $1.45 billion in November’s first week
AI Executive Briefing
Verified Synthesis~50s readThe naira recorded a marginal 0.22% depreciation in the first week of November, closing at N1,349 per dollar on November 6, as reported foreign exchange turnover on the Nigerian Foreign Exchange Market (NFEM) remained subdued. Reported NFEM turnover between November 2 and November 5 amounted to approximately $1.45 billion, although the CBN had yet to publish the total turnover figure for November 6 as of the time of filing this report.
Context & Background
- ✦On November 5, the currency depreciated further to N1,350.45 per dollar, with total NFEM turnover of $380.57 million.
Key Figures & Named Entities
0.22%:The naira recorded a marginal 0.22% depreciation in the first week of November, closing at N1,349 per dollar on November 6, as reported foreign exchange turnover on the Nigerian Foreign Exchange Market (NFEM) remained subdued.$1.45 billion:Reported NFEM turnover between November 2 and November 5 amounted to approximately $1.45 billion, although the CBN had yet to publish the total turnover figure for November 6 as of the time of filing this report.0.22%:Naira loses 0.22% in five days The naira traded within a relatively narrow range during the week, despite recording successive losses in the first few trading sessions.
Outlook & Next Steps
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Key Takeaways
Verified Extract- The naira recorded a marginal 0.22% depreciation in the first week of November, closing at N1,349 per dollar on November 6, as reported foreign exchange turnover on the Nigerian Foreign Exchange Market (NFEM) remained subdued.
- Reported NFEM turnover between November 2 and November 5 amounted to approximately $1.45 billion, although the CBN had yet to publish the total turnover figure for November 6 as of the time of filing this report.
- On November 5, the currency depreciated further to N1,350.45 per dollar, with total NFEM turnover of $380.57 million.
Key Facts:0.22%: The naira recorded a marginal 0.22% depreciation in the first week of November, closing at N1,349 per dollar on November 6, as reported foreign exchange turnover on the Nigerian Foreign Exchange Market (NFEM) remained subdued.$1.45 billion: Reported NFEM turnover between November 2 and November 5 amounted to approximately $1.45 billion, although the CBN had yet to publish the total turnover figure for November 6 as of the time of filing this report.0.22%: Naira loses 0.22% in five days The naira traded within a relatively narrow range during the week, despite recording successive losses in the first few trading sessions.dollar,: On November 5, the currency depreciated further to N1,350.45 per dollar, with total NFEM turnover of $380.57 million.
Editorial Excerpt
The naira recorded a marginal 0.22% depreciation in the first week of November, closing at N1,349 per dollar on November 6, as reported foreign exchange turnover on the Nigerian Foreign Exchange Market (NFEM) remained subdued.
Frequently Asked Questions About This Story
What is the latest development regarding Central Bank of Nigeria?
The naira recorded a marginal 0.22% depreciation in the first week of November, closing at N1,349 per dollar on November 6, as reported foreign exchange turnover on the Nigerian Foreign Exchange Market (NFEM) remained subdued.
Who are the key organizations or public figures mentioned?
The primary parties identified in this coverage include Central Bank of Nigeria, Guaranty Trust Bank, Zenith Bank.
What timeline or key figures were confirmed?
The naira recorded a marginal 0.22% depreciation in the first week of November, closing at N1,349 per dollar on November 6, as reported foreign exchange turnover on the Nigerian Foreign Exchange Market (NFEM) remained subdued.
