Tag
NAIRA
The Nigerian currency breached the N1,450 mark against the greenback on the black market amid evolving market dynamics in Nigeria's fragile FX market.
The naira traded at the lower end of its range against the British pound sterling, edging lower ahead of a Bank of England interest rate decision.
The U.S dollar index was back on the front foot on Wednesday, making modest gains after earlier losses from renewed bets on Federal Reserve rate cuts this year.
The Nigerian Naira weakened further to N1,410/$ in the unofficial market on Friday afternoon as traders saw an aggravated demand for the dollar by parents and travelers.
In the opening trading session of May at the NAFEM window, the Naira experienced a slight decline, settling at N1,402.67 to the dollar, which is a 0.83% decrease from the previous close of N1,390.96 in April.
The Naira opened the month of May on a negative note, trading at N1,360/$ at the parallel market, representing a slight decline of 0.74% from the naira-dollar exchange rate seen the previous day.
The Nigerian naira traded near its April low, while the dollar index approached a six-month high as the anticipation of a Federal Reserve meeting kept traders largely biased towards the greenback.
The Nigerian Naira saw a notable increase in value against the US dollar in the parallel market, reaching N1,350. This marked a 2.20% rise from the earlier rate of N1,380 on the same day.
The new rate represents a 10% increase when compared to N1,400 to a dollar it traded at the close of trading activity on Friday.
The naira has continued its recovery against the US dollar at the parallel market as it appreciated to N1280/$1 on Saturday
The Nigerian naira continued its downward trend against the US dollar at the official exchange window, closing at N1,309.88 on Thursday, March 25th.
The naira recorded significant depreciation against the haven currency in a matter of few weeks despite the recent decline in the US dollar index, influenced by weak U.S economic data.