The Nigerian naira has remained stable at the parallel market against the dollar where it exchanged at N1,135/$1 while it appreciated slightly at the official I&E window at N791.75/$1.
The naira has been appreciating against the US dollar at the Nigerian Autonomous Foreign Exchange Fixing (NAFEX), the country’s official exchange rate window.
The official I&E window at N791.75/$1 appreciated from N841.14/$1 it closed on Thursday representing a N49.39 gain.
However, intra-day trade from the data obtained by FMDQ showed that the highest spot rate exchanged at N1120/$1 while the lowest spot rate recorded was N701/$1
Also, the parallel market at N1,135/$1 remained stable compared to the previous day.
A breakdown of parallel market rates this week showed that on Monday naira exchanged for N1,130, Tuesday saw a depreciation to N1,140, Wednesday saw rates unchanged at N1,140 and then appreciated marginally Thursday to N1,135.
Breakdown at the official I&E window started the week at N795.41, Tuesday saw a depreciation to N850.22, it gained on Wednesday to N818.99, took a deep on Thursday to N841.14 before closing the week at the best rate of the week at N791.75.
According to Aboki FX, the naira maintained its consistency even as it appreciated marginally against the United States dollar.
For instance, while the market closed at N1140, on Monday at the parallel market, it appreciated on Tuesday and closed at N1,135.
The parallel market, however, maintained consistency by closing at N1,135 on Wednesday and Thursday.
NAFEX is the reference rate for spot FX operations in the autonomous FX market, which comprises recognised FX trading segments, including but not limited to the inter-bank market, the I&E FX Window, and any such approved and recognised trading segment as may be defined.