The Nigerian currency faced pressure against the dollar, slipping to N1,410 in the informal market, while showing resilience at N1,354.21 in the official Nigerian Foreign Exchange Market (NAFEM).
Data from FMDQ revealed a slight appreciation for the naira in the official market, contrasting the 5.49% depreciation witnessed in the parallel market, where it closed at N1,430 per dollar.
Traders linked the naira’s weakness to heightened demand for the dollar, driven by individuals seeking currency for various purposes such as business ventures, tourism, healthcare, or education abroad.
Despite closing flat at N1,400.40 per dollar in NAFEM, the naira experienced fluctuations, with an intraday high of N1,435 and a low of N1,300.40.
The total volume of dollar transactions witnessed a decline, settling at $201.88 million on Friday, down from $232.84 million recorded the previous day.
Analysts at Afrinvest Securities Limited anticipate the naira to maintain its current trajectory unless influenced by unforeseen developments.
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