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FX Volatility Crumbles Naira to N1,485.66/$1 at NAFEX

currency in circulation eNaira

By Adedapo Adesanya The Naira depreciated against the US Dollar by 1.6 per cent or N23.07 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, May 23. It was observed that the foreign exchange (FX) volatility weakened the value of the Nigerian currency to N1,485.66/$1 at the market window compared with the N1,462.59/$1 it traded in the preceding session. In the same vein, the local currency depreciated against the Pound Sterling at the spot market during the session by N31.61 to settle at N1,870.76/£1 versus midweek’s closing price of N1,839.15/£1 and shed N20.59 against the Euro to sell for