The naira was trading at 1,430 against the dollar on the parallel market, sometimes known as the “black market,” when the foreign exchange (FX) market opened on Monday.
From the amount of N1,350 per dollar that closed on Friday in the black market, this indicates a 5.49 percent loss against the dollar.
The depreciation of the naira was ascribed by traders to the growing demand for US dollars by end consumers who wish to travel for leisure, business, medical, or educational purposes.
The local currency closed flat at N1,400.40 per dollar on Friday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), down 0.16 percent from N1,402.67 on Thursday.
On Friday, the intraday high finished at N1,435—a stronger closing than N1,445 the day before. Compared to N1,299.42 on Thursday, the intraday low decreased to N1,300.40 on Friday.
On Friday, the intraday high finished at N1,435—a stronger closing than N1,445 the day before. Compared to N1,299.42 on Thursday, the intraday low decreased to N1,300.40 on Friday.
Between Thursday and Friday, the amount of money supplied by interested sellers and buyers fell by 13.29% to $201.88 million from $232.84 million. On the parallel market, the Naira ended the day unchanged versus the dollar at N1,380.
Afrinvest Securities Limited experts predicted that “we expect the Naira to be exchanged within the current band, barring any shocks.”