Naira put on a dazzling performance on Friday, leaving traders in awe as it appreciated by a remarkable 2.6 percent.
With a closing rate of N755.27/$1, it outshone its previous session’s rate of N775.31/$1 on Thursday.
Throughout the trading day, the Naira danced between an intra-day high of N700.00 and a low of N799.90 before gracefully settling at its impressive closing rate.
However, despite this triumphant display, the forex turnover experienced a slight dip of 12 percent ($127.82 million) compared to the previous session’s figure of $144.55 million.
It seems that even the Naira’s stellar performance couldn’t completely ward off the challenges of the forex scarcity. In the parallel market, the Naira maintained its stability, standing strong at N1,000/$1, as reported by AbokiFX.
This resilience in the face of forex scarcity is commendable, showcasing the Naira’s determination to hold its ground.
Meanwhile, at the Abuja street market, currency dealers reported a slight decrease in the exchange rate, with the dollar being traded at N993/$1 on Friday, just a tad lower than the N997.00 rate witnessed on Thursday.
It seems that even in the midst of fluctuating rates, the Naira and the dollar continue their intricate dance.
Friday’s forex market was a spectacle to behold, with the Naira stealing the spotlight and captivating traders with its impressive appreciation.
However, the challenges of forex scarcity continue to cast a shadow, reminding us that the Naira’s performance is not without its obstacles.
Concerns about scarcity of dollars were raised, with vendors attributing it to a lack of government supply. Some suggested that dollars were being hoarded, with plans to resell them when the currency’s value appreciates.