The Nigerian Naira saw a notable increase in value against the US dollar in the parallel market, reaching N1,350. This marked a 2.20% rise from the earlier rate of N1,380 on the same day.
According to a Nairametrics report, currency traders observed a significant demand spike, which initially caused the Naira to weaken in the early trading hours.
However, after a consistent rise to N1,120/$1 over 14 days, ending on April 19th, from a previous rate of N1,470/$1 on March 25th, the Naira experienced a six-day depreciation, falling by N310 or 21.68%, and settling at N1,430/$1 on April 26th.
This downward trend was halted at the end of the trading week, with the Naira recovering by 2.14% and then gaining an additional 3.70% by Monday.
In the official market, the Naira followed a similar pattern, depreciating by N169.24 or 12.64%, to close at N1,339.23/$1 on April 26th, down from N1,169.99/$1 on April 19th, and continued to decline over the next seven trading days at the NAFEM window.