Nigeria Naira Faces 1.1% Depreciation, Hits 1,233/$ at Parallel Market Amidst Forex Market Dynamics

The naira experienced a decline, exchanging at 1,233/$ at the parallel market, as reported by Bureau de Change (BDC) operators.

Conversations with BDC operators revealed that the local currency, traded at 1,228/$ and 1,233/$, maintained the same rate from Friday. Figures from Abokifx indicated the Pound Sterling at 1,550/£ and 1,565/£, while the Euro stood at 1,290/€ and 1,305/€, respectively.

Kamarudeen Ibrahim, a BDC operator in Lagos, noted a slight weakening trend, citing a shift from 1,220/$ a week earlier to 1,233/$ by the end of the week. Another operator, Akeem Yusuf, mentioned a stagnant rate on Monday, attributing it to decreased buying activity.

However, the Investor & Exporter forex window saw a slight naira appreciation on Friday, closing at 885.88/$ after reaching a high of N1,248/$. The official market commenced at N915/$ with a total turnover of $92.16 million.

The developments highlight the complex dynamics influencing Nigeria's currency markets.