Nigeria: Naira slides to 1,233/$ in parallel market, as investor-exporter window sees slight appreciation
In the parallel market, the naira maintained its exchange rate of 1,233 to the dollar on Monday, with Bureau de Change operators reporting consistent figures compared to the previous Friday, where the local currency traded at 1,228/$ and 1,233/$.
Pound Sterling was observed at 1,550/£ and 1,565/£, while the Euro fluctuated between 1,290/€ and 1,305/€, as per Abokifx data.
The Punch reported that operators in Lagos noted a slight weakening of the naira from 1,220/$ a week earlier to 1,233/$ by the end of the week.
According to one BDC operator (name withheld), the naira held steady at 1,233/$ on Monday, attributing the stability to decreased buying activity.
The naira experienced a marginal 1.1% decline or N13 in the parallel market.
Contrastingly, the Investor & Exporter forex window saw a slight appreciation on Friday.
According to FMDQ figures, the naira, which closed at 889.63/$ on Thursday, showed a 0.42% increase or N3.75 to close at 885.88/$ on Friday.
Official market trading began at N915/$, reaching a high of N1,248/$ before settling at N885.88.
The market recorded a total turnover of $92.16 million on Friday.
