On Monday, the exchange rate between the naira and the dollar stood at 1,233/$ in the parallel market, as reported by Bureau de Change operators.
According to insights from some BDC operators, the local currency maintained a consistent trading range of 1,228/$ to 1,233/$, with the same rates observed on the preceding Friday.
Data sourced from Abokifx revealed that the Pound Sterling was transacted at 1,550/£ (buying) and 1,565/£ (selling), while the Euro recorded rates of 1,290/€ (buying) and 1,305/€ (selling).
Kamarudeen Ibrahim, a BDC operator based in Lagos, noted a shift in the naira’s performance, citing a decline from 1,220/$ the previous week to 1,233/$ by the week’s end.
Another BDC operator, Akeem Yusuf, said, “The naira was sold for 1,233/$ on Friday; Today Monday, it did not change because people are not buying.” The naira weakened slightly at the parallel market by 1.1 per cent or N13.
However, on the Investor & Exporter forex window, the naira appreciated slightly on Friday, according to figures obtained from the FMDQ.
The local currency which closed at 889.63/$ on Thursday, appreciated slightly by 0.42 per cent or N3.75 to close at 885.88/$ on Friday.
Trading commenced at the official market at N915/$ and reached a high of N1,248/$ before closing at N885.88. The market recorded a total turnover of $92.16m on Friday.
