Naira Appreciates At Forex Markets (DETAILS)

On Friday, official market data from the FMDQ website indicated a slight gain for the Naira against the United States dollar. The local currency closed at N755.27 per $1 in the spot market window, marking a 2.6 percent appreciation from the previous session’s N775.31 per $1 on Thursday.

Throughout the day, the dollar saw a high of N700.00 and a low of N799.90 before settling at N755.27, as per the data.

During this business period, forex turnover dropped by 12 percent ($127.82 million), compared to the $144.55 million recorded in the preceding market session on Thursday.

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Meanwhile, data from AbokiFX, a platform that aggregates parallel market rates in Lagos, revealed that the naira maintained stability in the parallel market on Friday. The exchange rate in the Black market segment stood at N1000 per dollar for buying and N1008 per $1 for selling, amidst increased demand and scarcity of the greenback currency.

In the Abuja street market, currency dealers reported exchanging the dollar at N993.00 per $1 on Friday, down from N997.00 on Thursday.

A vendor in Wuse Zone 4, Abuja, named Aliyu, expressed that the scarcity of dollars was due to the government’s limited supply. He explained that people were buying and holding onto dollars, planning to resell them once the currency appreciates. He emphasized that no new dollars were currently in circulation.