Naira Starts Trade At One Thousand Five Hundred Twenty Naira In Parallel Market
The foreign exchange market in Nigeria commenced the week with the naira opening at N1,520 against the US dollar on the parallel market, commonly referred to as the black market.
This opening rate signifies a 1.32 percent decline from the previous exchange rate of N1,500 recorded on Friday on the parallel market.
The depreciation of the naira was attributed to robust demand for dollars from travelers and importers, coupled with a scarcity of supply, as highlighted by a trader on Monday.
Conversely, the local currency closed the previous week relatively stable against the US dollar in the official foreign exchange market.
At the close of trading on Friday, the naira recorded a slight gain of 0.19 percent, with the dollar-priced at N1,482.81 compared to N1,485.66 on Thursday, according to data from the FMDQ Securities Exchange Limited.
The Foreign Exchange (FX) market summary provided by the FMDQ indicated that the intraday high settled at N1,519 per dollar, marginally weaker than the N1,510 recorded on Thursday. However, the intraday low remained unchanged at N1,400 on Friday, consistent with Thursday’s rate of N1,401.
On the parallel market, also known as the black market, the naira demonstrated a modest appreciation of 0.67 percent against the US dollar. It was quoted at N1,500 on Friday, a slight improvement from N1,510 per dollar recorded on Thursday.
