Naira Weakens To 1,233/Dollar In The Parallel Market

On Monday, the naira weakened against the dollar, reaching 1,233/$ at the parallel market, as reported by Bureau de Change operators.

According to some BDC operators, the local currency was both bought and sold at rates of 1,228/$ and 1,233/$, consistent with the rates on the previous Friday.

Figures from Abokifx indicated that the Pound Sterling was bought and sold at 1,550/£ and 1,565/£, while the Euro was traded at 1,290/€ and 1,305/€, respectively.

Kamarudeen Ibrahim, a BDC operator in Lagos, noted, “The naira traded at 1,220/$ a week earlier but weakened to 1,233/$ by the end of the week.”

Another BDC operator, Akeem Yusuf, commented, “The naira was sold for 1,233/$ on Friday; today, Monday, it did not change because people are not buying.” The naira experienced a slight depreciation at the parallel market, declining by 1.1 percent or ₦13.

Meanwhile, at the Investor & Exporter forex window, the naira appreciated slightly on Friday, according to data from the FMDQ. Closing at 889.63/$ on Thursday, the local currency saw a marginal increase of 0.42 percent or ₦3.75 to close at 885.88/$ on Friday.

Trading began at the official market at ₦915/$, reaching a high of ₦1,248/$ before closing at ₦885.88. The market recorded a total turnover of $92.16 million on Friday.