The Naira’s value dipped to N1,525 per dollar in the parallel market, down from N1,520 last weekend. On the other hand, it climbed to N1,339.33 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The gap between the parallel market and NAFEM rates widened to N185.67 per dollar from N37.19 per dollar last week Friday, as a consequence.
With an exchange rate of N1,482.81/$1 on Friday, May 24, 2024, there was a minor increase of 0.19%. This slight appreciation followed the end of the naira’s four-day winning streak.
Friday’s FX turnover surged to $556.25 million, marking a substantial 231.99% increase, likely driven by the CBN’s vigorous liquidity management strategy, as evidenced by its significant N1.16 trillion raise from the OMO bill auction.
FX turnover decreased sharply by 67.50%, amounting to $180.8 million on Monday. This substantial drop suggests a lower demand for dollars, which could be a contributing factor to the appreciation of the naira in the FX Market.