The naira depreciates by 1.32% against the dollar on the black market, opening at N1,520, attributed to increased demand and supply shortages. Meanwhile, the official exchange rate remains stable. Data shows slight fluctuations in the official market, with the naira appreciating by 0.19%, while on the parallel market, it strengthens by 0.67%.
On Monday, the naira depreciated by 1.32 percent against the dollar on the black market, opening at N1,520 compared to N1,500 on Friday. This decline was attributed to increased demand for dollars by travelers and importers amidst a supply shortage.
Meanwhile, the official exchange rate remained stable, with the naira marginally strengthening against the dollar at the end of the previous week. Additionally, data from the FMDQ Securities Exchange Limited showed a slight appreciation of the naira by 0.19 percent in the official market on Friday. Despite fluctuations, the naira closed at N1,519 per dollar as the intraday high, weaker than the previous day.
Conversely, on the parallel market, the naira appreciated by 0.67 percent, trading at N1,500 per dollar. These currency dynamics reflect the ongoing challenges facing Nigeria's FX market, with implications for both domestic and international economic activities.
