Naira weakens to N420/$ at parallel forex market

Despite the low volume of activity at the Nigerian foreign exchange market, naira weakened parallel segment.

The cash and transfer rates of the parallel market increased to N420.00/$ and N450.00/$ respectively on Friday, compared to N416.00/$ and N435.00/$ in the previous trading session, as demand continues to pile up amidst very little supply.

Activities were flat at the official windows- The status quo remained the same at the Interbank segment, as the CBN Spot, and CBN SMIS as rates remained unchanged.

At the Investors and Exporters (I&E) FX window opened at N384.21, traded high at N392.00 and eventually closed at N383.00, unchanged against Thursday’s closing position.

Investors exchanged a total of $25.43 million through the I&E window.