December 24, (THEWILL) – The Naira closed at N885.88 per dollar on Friday December 22, at the Nigerian Autonomous Foreign Exchange Market (NAFEM) as against N861.91 to the dollar it traded on the previous day, losing N23.97 in twenty-four hours.
Notwithstanding the 2.7 percent depreciation, the local currency remained relatively stable – below N900 – during the week that opened with N888.35 to the dollar on Monday, December 18.
After the roller coaster that pushed the local currency to a historic N1,099.05 to the dollar on Monday, December 8, calm returned to the NAFEM window the next day, with the Naira trading N864.29 per dollar.
The stability within the N800 horizon continued through last week though with a two-day disruption of N904.65 and N901.41 per dollar on December 13 and 14.
However, the bullish turnover of $137.32 million which opened the market on December 18, dimmed to $92.16 on Friday, December 25, shredding the volume by 32.8 percent.
Friday’s trading opened with an indicative rate of N915.00, traversing a high spot rate of N1,248 during the intra-day session before pitching settling at N885.88, posting a weekly gain of N3.98 or 0.4 percent.
Amid the oscillating rate scenario, the parallel market maintained its elevated space with the Naira trading at N1,175 to the dollar on Friday.
