The Nigerian currency, the Naira, experienced an appreciation in the official market, with a trading rate of ₦1,607.15 per US dollar.
Data from the FMDQ Exchange, which manages the Nigerian Autonomous Foreign Exchange Market (NAFEM), indicated that the naira improved by ₦9.93.
This marks a gain of 0.61 per cent compared to the previous trading day on August 2, when the exchange rate was ₦1,617.08 to the dollar.
However, the total daily turnover saw a decline, falling to 77.09 million dollars on Monday, a decrease from the 131.55 million dollars recorded on August 2. 
In the Investor’s and Exporter’s (I&E) window, the naira fluctuated between ₦1,620.50 and ₦1,570.00 against the dollar.
Last week Tuesday, the Naira, experienced a positive shift in the parallel market, strengthening to ₦1,375 per dollar compared to ₦1,500 per dollar.
However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to ₦1,339.33 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM increased to ₦1,329.65 per dollar from ₦1,173.88 per dollar on Tuesday, July 30, 2024, resulting in a depreciation of ₦155.77 for the Naira.
As a result, the margin between the parallel market and NAFEM rates narrowed to ₦45.35 per dollar from ₦326.12 per dollar last week Tuesday.
CBN Raises Import Duty Rate To ₦1,618.73/$
Meanwhile, the Central Bank of Nigeria (CBN) has raised the exchange rate for cargo clearance at the nation’s seaports and airports from ₦1,600.32 to ₦1,618.732.
Naija News reports that this adjustment marks the highest rate since March 2024 and coincides with a 6.43% depreciation of the naira in July.
Importers are expected to face additional challenges due to increased import costs and inflationary pressures.
Despite the CBN’s efforts to stabilize the naira through various foreign exchange sales, market challenges persist.
The Nigeria trade hub reported a rise of ₦18 in the exchange rate to the USD, reaching ₦1,618.732 from the previous rate of ₦1,600.32.
The naira’s depreciation occurred despite the CBN’s interventions to address liquidity issues in the official market through dollar sales.
In July, the CBN conducted multiple FX sales to authorized dealers and Bureau de Change (BDC) operators in response to significant pressure on the naira.
Clearing agent, Oladimeji Majekodunmi, expressed concerns that the cost of clearing containers at ports will substantially increase due to the exchange rate hike.
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