The naira fell in the official market on Friday and closed at N1,549/$1, a 0.58% decline from its last close of N1,540/$1.
The naira decline in the official market on Friday marks its first dip this month after a streak of consistent improvement. This decline interrupts the currency’s upward trajectory, which had seen steady gains against the U.S. dollar since the month began.
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira traded between N1,537/$1 and N1,570/$1 during Friday’s trading session as demand for foreign currency surged.
In the parallel market, the naira appreciated against the dollar to N1,600/$1, from its Wednesday close of N1,605/$1. Likewise, against the British pound, the naira improved to N2,135/£1, from its prior close of N2,150/$1.
Also, the Nigerian currency held its rate against the euro, maintaining its previous close of N1,775/€1 on Friday.
Ending the week in a decline marks a departure from the naira’s recent upward movement, reflecting the dynamic nature of the foreign exchange market. As the month progresses, the currency trends in the coming will ascertain whether it is a temporary dip.
