December 24th (THEWILL) – On Friday, December 22nd, the naira closed at 885.88 naira to the dollar, down 23.97 naira from the previous day’s trading of 861.91 naira to the dollar. Ta. within twenty-four hours.
Despite a 2.7% decline, the local currency remained relatively stable at below 900 naira during the week that began on Monday, December 18 at 888.35 naira to the dollar.
After a rollercoaster ride that pushed the local currency to historic levels of N1,099.05 to the dollar on Monday, December 8, calm returned to the NAFEM window the following day, with the naira trading at N864.29 to the dollar.
Although there was turmoil between 904.65 and 901.41 naira to the dollar on December 13th and 14th, stability in the 800 naira zone continued until last week.
However, the bullish volume when the market opened on December 18th was $137.32 million, which declined to $92.16 on Friday, December 25th, a 32.8% contraction in volume.
Trading on Friday opened at an indicative rate of 915.00 Naira, passing through a high spot rate of 1,248 Naira during the intraday session and settling at 885.88 Naira, marking an increase of 3.98 Naira or 0.4 percent on the week.
Amid the fluctuating interest rate scenario, the parallel market maintained a high space with the naira trading at N1,175 to the dollar on Friday.
