Despite Supply Surge, Naira Closes Week At N1,483/$

The naira, on Friday, weakened further at the official foreign exchange (FX) market, despite a surge in dollar sales by market players.

After trading on Friday, the naira lost 0.45 per cent of its value as the dollar was quoted at N1,482.72, weaker than N1,476 quoted on Thursday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to data from the FMDQ Securities Exchange Limited.

Dollar supply by willing sellers and willing buyers surged by 97.6 per cent to $183.47 million on Friday from $92.68 million recorded on Thursday.

The summary of the FX auction revealed that the intraday high closed weaker at N1,490 per dollar on Friday compared to N1,500/$1 quoted on Thursday.

The intraday low also depreciated to N1,390 on Friday, weaker than the N1,400/$ exchanged on Thursday.

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At the parallel market, also known as the black market, the Naira closed at N1,480, on Friday, stronger than the 1,490 quoted on Thursday.

After the announcement of the World Bank’s $2.25 billion loan to Nigeria, the Naira has depreciated by 5 per cent from 1,169/$ on April 19, to 1,339/$ on April 26.

However, Analysts expect that the loan will boost FX liquidity and improve the naira rate.