The Nigerian naira experienced a decline against the US dollar, reaching 1,233/$ at the parallel market on Monday, as reported by Bureau de Change operators.
BDC operators informed The PUNCH that the local currency, which had maintained a trading range of 1,228/$ to 1,233/$, retained the same rate observed on the previous Friday.
Data from Abokifx indicated that the Pound Sterling was bought and sold at 1,550/£ and 1,565/£, while the Euro ranged from 1,290/€ to 1,305/€.
Kamarudeen Ibrahim, a BDC operator in Lagos, noted a slight weakening of the naira from 1,220/$ a week earlier to 1,233/$ by the end of the week. Akeem Yusuf, another BDC operator, mentioned that the naira remained at 1,233/$ on Monday, explaining that the lack of buying activity contributed to the stability in the exchange rate. The naira experienced a marginal decrease of 1.1 percent or N13 at the parallel market.
Conversely, at the Investor & Exporter forex window, the naira showed a slight improvement on Friday, according to data from the FMDQ. After closing at 889.63/$ on Thursday, the local currency appreciated by 0.42 percent or N3.75, concluding the week at 885.88/$. Trading on the official market began at N915/$ and reached a peak of N1,248/$ before settling at N885.88. The total turnover in the market for Friday amounted to $92.16 million.