The naira opened the week stable in the black market on Monday, trading at N1,540/$1, unchanged from last Friday’s close.
However, it recorded mixed signals as it weakened in both the official and parallel markets against other foreign currencies.
In the black market, the naira depreciated against the British pound to N2,100/£1 from N2,085/£1, and further to N2,125/£1 at the selling end compared with N2,105/£1 previously.
It also slipped against the euro, trading at N1,785/€1 from N1,775/€1, while sellers quoted N1,810/€1, up from N1,795/€1last week.
In the official market, the naira eased slightly to N1,536.5/$1, from N1,535/$1 at the previous close. Data from the Nigerian Foreign Exchange Market (NFEM) showed intraday fluctuations between N1,535.50/$1 and N1,537/$1 during Monday’s session.
The currency’s mixed performance shows the persistent pressure on the naira. While ongoing reforms are gradually restoring investor confidence, high demand for foreign exchange continues to weigh on both the official and parallel markets.
Comments 1