The naira saw a slight appreciation on the Nigerian Autonomous Foreign Exchange (NAFEX) market on Friday, closing at ₦1,593.32 to the dollar, stronger than the ₦1,639 recorded the previous day.
On NAFEX, the currency gained ₦45.98, but on the parallel market, it depreciated by ₦13, closing at ₦1,673/$1 on Friday, compared to ₦1,660/$1 on Thursday.
Daily transaction volumes increased by 31.96%, with turnover reaching $245.17 million on Friday, up from $185.79 million on Thursday.
The highest recorded spot rate was ₦1,665, while the lowest was ₦1,580.
The naira had experienced depreciation earlier in the week due to liquidity issues. Bloomberg reported that the naira has lost around 70% of its value since foreign exchange controls were lifted in 2023.
Though the Central Bank had taken measures earlier this year to stabilize it, including raising interest rates, the currency remains under pressure.
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