The naira had a turbulent trading week as the exchange rate to the dollar experienced sharp fluctuations in both official and parallel markets.
By the week ending December 13, 2024, the official exchange rate closed at N1,540/$1, marking a slight depreciation of 0.35% compared to N1,535/$1 recorded a week earlier, according to the Central Bank of Nigeria’s (CBN) currency tracker.
In the parallel market, the naira ended the week trading at an average of around N1,660/$1, according to Nairametrics’ market sources, rebounding from earlier lows of N1,750/$1 during intra-week volatility.
Some traders quoted higher while others also quoted lower
Midweek gains offset by late weakness
The CBN data revealed that the naira started the week stronger at N1,535/$1, gaining value to reach N1,525/$1 early in the week.
- However, this momentum was short-lived as the currency depreciated sharply to N1,545/$1 midweek before slightly recovering to close at N1,540/$1.
- Intra-day volatility was also notable,…