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  • Thursday, June 20, 2024
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Naira snaps one-month rally, weakens to N1,230/$ in street trading

The naira weakened by the most in over a month at the parallel market on Friday, ending a rally since late March that had made the currency the world’s best performer.

A dollar sold for N1,230 in street trading on Friday, a 17 percent decline compared to N1,050 the previous day.

Traders say there was an uptick in demand on the day but still expect the naira to pare the losses in the coming days.

The naira also depreciated at the official market to N1,169.99 against the dollar on Friday — a 1.38 percent drop from the N1,154.08/$ rate on April 18.

The local currency traded at a high of N1,236 and a low of N1,021, according to FMDQ Securities Exchange, which calculates the rates.

The Central Bank of Nigeria (CBN) on Thursday denied selling FX to BDC operators at the rate of N1,001/$1.

The apex bank, in a post on X on April 18, said a circular claiming the apex bank announced the sale of $10,000 to BDCs at the rate of N1,001/$1 was “fake”.

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