Market News
Naira strengthens to 1,380/$ on parallel market - FRCN
The Naira, at the parallel market, strengthened by N70 to reach N1,380 per dollar on Friday, but declined to N1,339/$ on the official market, compared to Thursday’s close of N1,450/$1.
This represents a 2.29% decrease from N1,309 quoted yesterday.
Meanwhile, the naira traded in the parallel market at N1,430/$, a 2.09% depreciation against N1,400 quoted on Thursday on the black market.
On the other hand, the local currency weakened to N1,339.23/$1 on the Nigerian Autonomous Foreign Exchange (NAFEM) window, representing a N29.42 decline, compared to the N1,309.81/$1 it closed at on Wednesday.
However, daily turnover on the NAFEM declined by 2.85% to $309.01 million compared to $318.08 million the previous day. The highest spot rate stood at N1,410, with the lowest recorded at N1,051.
Some Bureau De Change (BDC) operators who spoke with Radio Nigeria Correspondents said dollar scarcity was as a result of increasing demand.
Writing by Julian Osamoto; Editing by Tony Okerafor
