The foreign exchange market (FX) resumed on Monday with the naira depreciating against the dollar on the parallel market, popularly called the black market, following renewed demand pressure after appreciating for two trading days.
During the intraday trading on Monday, the dollar was sold for N1,130, representing 1.80 percent loss compared with N1,110/$1 sold for on Friday on the black market.
The Nigerian Naira strengthened on Thursday and Friday from N1,140 on Wednesday to N1,110 on Friday on the parallel market.
Read also Naira falls to record low at official FX market
At the Autonomous Foreign Exchange Market (NAFEM), the naira firmed by 21.73 percent as the dollar was quoted at N780.14 on Friday as against N996.75 quoted on the previous day.
This was despite a decline in the dollar supply by willing buyers and willing sellers. Consequently, the volume of transactions, which reflects the daily FX market turnover, declined by 63.24 percent to $84.02 million on Friday from $228.54 million recorded on Thursday.
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Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
