Nigeria’s currency weakened further by N0.87k against the dollar as the foreign exchange market closed at N387.25k on Friday compared to N386.38k closed on Thursday at the Investors and Exporters (I&E) forex window.
The market opened on Friday morning with an indicative rate of N386.36k per dollar, which showed a N1.01k loss to the value of the Naira when compared with N385.35k opened on Thursday.
The foreign exchange daily turnover rose by 431.05 percent to $102.28 million on Friday from $19.26 million recorded on the previous day, data from FMDQ indicated.
The Naira also depreciated at both the black market and the retail Bureau segment by N5.00k each as the markets closed at N445 and N447 on Friday as against N440 and N442 per dollar respectively.
Earlier in the morning, the cost of a dollar was unchanged at N440 at the black market. The official rate at the Central Bank of Nigeria (CBN) also remained stable at N361 per dollar.
At the money market on Friday the overnight rate increased by 5.33 percent to close at 8.33 percent, while the Open Buy Back (OBB) rate declined by 5.42 percent to close at 7.42 percent.
The Nigerian Treasury Bills (NT-bills) market ended the trading session on a flat note on Friday, with average yield across the curve remaining unchanged at 2.66 percent.
“We expect investors trading pattern to remain mixed in the Treasury bills secondary market due to global uncertainty and unclear market direction,” analysts at FSDH research said.
