The Naira experienced renewed demand pressure in the foreign exchange (FX) market on Friday, following a period of moderation lasting three trading days. During this time, the Naira weakened against other currencies, leading to increased demand in the FX market.
At the parallel market, the naira depreciated by 0.34 per cent as the dollar traded at N870 on Friday compared to N867 since the beginning of the week. People have been coming to buy dollars since yesterday. “Some of them are buying dollars to travel,” said a black market operator based in Lagos.
In the past few days, the naira steadied at N867 per dollar. In some areas, the cost of one dollar was as substantial as between N850 and N862 on the black market. Also, in the Investors’ and Exporters’ (I&E) forex window, Nigeria’s official foreign exchange FX market, the naira depreciated by 3.85 per cent as the dollar was quoted at N768.60 on Thursday from N740.08 on the previous day, data from the FMDQ indicated.
Credit: Business Day.