The Nigerian Autonomous Foreign Exchange (NAFEX) saw a slight appreciation of the naira on Friday, closing at N1,593.32 to a dollar. This marks a gain of N45.98 from the previous day’s closing rate of N1,639 to a dollar.
However, the parallel market told a different story, with the naira depreciating by N13 to close at N1,673/$1, compared to N1,660/$1 on Thursday.
Daily transaction volumes increased by 31.96%, reaching $245.17 million on Friday, up from $185.79 million the previous day. The highest spot rate observed on Friday was N1,665, while the lowest spot rate recorded was N1,580.
The naira’s recent appreciation on NAFEX comes after a period of depreciation, which saw the currency lose around 70% of its value against the US dollar since foreign exchange controls were lifted last year. Despite efforts by the central bank to shore up the currency, including aggressive interest rate hikes, the naira remains under pressure.