Tag
OFFICIAL MARKET
The Nigerian naira showed stability in the official market as demand for the greenback moderated during the second trading session of the week.
The Nigerian naira weakened by 0.12% against the US dollar in the parallel market, on October 25, 2024, trading at N1,730/$1—a marginal decline of N2 from the previous rate of N1,728.
The dollar index drifted sideways as the naira showed some strength at the official market on Wednesday, providing relief to the naira and the Nigerian capital market after a sharp decline in the last quarter.
The Nigerian currency ended last month on a losing note, trading at N1,541.94/$1 on Monday, September 30, 2024, but showed strength throughout the month.
The Naira experienced a decline against the US Dollar in the official market, concluding the week at N1,665.50/$1, amid sustained demand pressures that continued to exert downward pressure on the currency's value.
The Naira experienced depreciation against the US Dollar across both the official and black markets as demand pressure continued to weaken Nigeria’s currency.