On Monday, the Nigerian naira faced a depreciation, exchanging at 1,233 to the dollar at the parallel market, as reported by Bureau de Change operators. BDC operators revealed that the local currency, which traded at 1,228/$ for buying and 1,233/$ for selling, had maintained the same rates on the preceding Friday.
Figures from Abokifx indicated that the Pound Sterling was bought and sold at 1,550/£ and 1,565/£, while the Euro stood at 1,290/€ for buying and 1,305/€ for selling.
Kamarudeen Ibrahim, a BDC operator in Lagos, noted a slight depreciation, stating, “The naira traded at 1,220/$ a week earlier but weakened to 1,233/$ by the end of the week.” Akeem Yusuf, another BDC operator, mentioned that the naira’s selling rate remained at 1,233/$ on Monday due to a lack of buying activity.
The naira experienced a marginal weakening of 1.1%, equivalent to N13, in the parallel market.
Contrastingly, in the Investor & Exporter forex window, the currency saw a slight appreciation on Friday, as per data from the FMDQ. Closing at 889.63/$ on Thursday, the local currency appreciated by 0.42%, or N3.75, concluding the week at 885.88/$.
At the official market, trading commenced at N915/$, reaching a high of N1,248/$ before closing at N885.88. The total turnover in the market recorded on Friday amounted to $92.16 million, indicating a dynamic forex market influenced by various factors.