The Naira holds steady above N1,600 against the US Dollar, offering a glimmer of relief to traders amidst lingering uncertainties.
In the official market, the Naira demonstrated resilience, edging up against the greenback after two consecutive days of decline. Closing at N1,602.17/$1, it marked a modest 0.22% improvement over the previous day’s rate of N1,605.74/$1.
Conversely, the parallel market saw a slight setback as the Naira slipped to N1630 from N1625, reflecting the ebb and flow of market dynamics.
For the second consecutive day, the exchange rate has hovered above N1600/$1, underscoring persistent demand pressures. In conversations with Nairametrics, traders indicated anticipation for another circular from the central bank, a customary event on Fridays.
Moreover, forex turnover dipped marginally by 2.50% to $164.76 million compared to $168.98 million the prior day, according to data from the Nigeria Autonomous Foreign Exchange Market (NAFEM). This highlights a subdued market sentiment amidst ongoing fluctuations.
Additional insights reveal varied movements in the Naira’s value against major currencies within the Investors and Exporters (I&E) window. With intraday highs and lows recorded at N1635/$1 and N1470/$1, respectively, the spread amounted to N165/$1.
Furthermore, despite a marginal uptick in daily turnover, closing at $164.76 million, the parallel market witnessed a slight depreciation, settling at N1,630/$1, down 0.31% from N1,625/$1 on the previous day.
Similarly, the Naira faced a 0.74% decline against the pound sterling, closing at N2,015/£1 compared to N2,000/£1 previously. Conversely, it exhibited a 1.12% appreciation against the euro, closing at N1701/€1 versus N1720/€1 on the previous trading day. These fluctuations underscore the intricate interplay of factors influencing currency dynamics.
