The Naira experienced a decline at the official market on Friday, trading at N1,483.99 to the dollar.
This marks a depreciation of N2.50 from the previous trading day, where it was valued at N1,481.49 per dollar.
Data from the official trading platform of the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed this 0.16 per cent loss.
Despite the drop in value, the volume of currency traded saw a significant increase.
On Friday, transactions amounted to $269.27 million, up from $213.31 million recorded on Thursday.
In the Investor’s and Exporter’s (I&E) window, the Naira’s trading range was observed to be between N1,507.00 and N1,399.00 against the dollar.
This fluctuation comes amidst ongoing economic challenges and currency pressures in Nigeria.
The Central Bank of Nigeria (CBN) continues to implement measures aimed at stabilizing the Naira, but market dynamics and external factors have made this a complex task.
Financial analysts have noted that the increased trading volume may indicate heightened activity in the foreign exchange market, possibly driven by both speculative actions and genuine demand for dollars by businesses and investors.
