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    MarketForces Africa » MarketForces News » Naira Hits N1652 on Forward Market

    Naira Hits N1652 on Forward Market

    Julius AlagbeBy Julius AlagbeFebruary 20, 2024 News No Comments1 Min Read
    Naira Hits N1652 on Forward Market
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    Naira Hits N1652 on Forward Market

    The Nigerian naira has continued to lose its purchasing power. Nigerian non-deliverable currency forwards fell across the curve to a new record low against the dollar on Tuesday, mirroring sustaining decline on the official spot market, London Stock Exchange Group (LSEG) data showed.

    The naira fell to a low of 1,602 per US dollar on the official spot market on Tuesday, while it hit record lows on the forwards market, which quoted the currency at 1,652.50 to the dollar in one month’s time

    Other maturities on the forwards market on Tuesday also fell, with traders quoting the currency as low as 1,840.36 naira per dollar in a year’s time.

    Africa’s biggest economy has suffered from severe dollar shortages in its foreign exchange market which has seen the official exchange rate drift towards the unofficial parallel market level.

    Sustaining the downward trend, the currency was quoted at 1,800 naira on the parallel market on Tuesday. # Naira Hits N1652 on Forward Market. #Naira Hits N1652 on Forward Market

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    Julius Alagbe
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    Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

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