On Monday, February 5, the official market witnessed a positive shift as the Naira experienced an appreciation, according to data sourced from FMDQ. The Naira strengthened by 1.09%, concluding at a rate of 1,419.86 per US dollar, in contrast to its Friday, February 2 rate of 1,435.53/$.
This uptick followed reassurances from Olayemi Cardoso, the Governor of the Central Bank of Nigeria, who conveyed the apex bank’s commitment to addressing the currency’s volatility.
In contrast, the parallel market depicted a different scenario, with the Naira fluctuating between 1,440/$ and 1,460 at the close of Monday’s trading. This stood in contrast to the Naira’s Friday rate of 1,450/$ in the same market, a fluctuation attributed to purchasing for hoarding purposes.
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