In the official market, the Nigerian Naira experienced a modest improvement against the US Dollar, closing at N1,597.24 to $1, marking a 0.34% enhancement compared to the previous week’s closing rate of N1,602.75 to $1. This marks the first time since March 5th, 2024, that the exchange rate has fallen below the N1,600/$1 mark, signaling a positive development.
Furthermore, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) revealed a slight increase of 2.20% in forex dealings, totaling $140.45 million compared to the earlier figure of $137.43 million. Meanwhile, within the Investors and Exporters (I&E) window, the Naira demonstrated mixed results against major global currencies on Monday. The I&E FX window recorded a high of N1640/$1 and a low of N1,400.00, reflecting a fluctuation of N240/$1.
In the parallel market, the Naira appreciated by 0.78% against the US Dollar, trading at N1,608 compared to the previous figure of N1,614 per dollar. While these fluctuations indicate some level of stability, they also highlight the dynamic nature of Nigeria’s foreign exchange market.
Source: Nairametrics