The naira closed the week marginally lower in the parallel market on Friday, trading at N1,541/$1 compared to N1,540/$1 a day earlier. This represents a 0.07% decline from last Friday’s close of N1,540/$1.
The local currency began the week stable at last week’s closing rate and hovered around N1,540/$1 on most days, despite continued demand for foreign exchange.
Against other currencies, the naira held steady at N2,100/£1, with the selling price at N2,125/£1. It also traded at N1,775/€1 against the euro, while the selling price was quoted at N1,800/€1.
In the official market, the naira firmed slightly, appreciating to N1,532/$1 on Friday from N1,535/$1 at the previous close. Data from the Nigerian Foreign Exchange Market (NFEM) showed intraday fluctuations between N1,525/$1 and N1,534.50/$1.
While movements remained fair, the naira has continued to trade below the N1,600/$1 mark, reflecting the impact of ongoing reforms in the foreign exchange market.
Comments 1