The naira ended the week largely flat across the foreign exchange (FX) market segments amid strong dollar liquidity and growing external buffers.
Data published by the Central Bank of Nigeria (CBN) showed that the naira appreciated slightly by N2.53, as the dollar was quoted at N1,365.69 on Friday, compared with N1,368.22 quoted a week earlier at the Nigerian Foreign Exchange Market (NFEM).
On a day-on-day basis, however, the local currency weakened marginally by 81 kobo from N1,364.88 per dollar traded on Thursday. Over the five trading days, the naira weakened by 86 kobo from N1,364.83, the opening rate on Monday at the NFEM.
In the parallel market, also known as the black market, the naira gained 0.63 percent week-on-week to close at N1,424 on Friday, compared with N1,415 at the close of trading last Friday. Over the five trading days, however, the local currency depreciated by N12 from N1,412 on Monday.
The naira appreciated slightly by N1 on a day-on-day basis, compared with N1,425 quoted on Thursday. The gap between the official and parallel market rates widened to 4.3 percent from 3.67 percent on Tuesday.
