The foreign exchange (FX) opened on Friday morning after the holidays with the Naira, Nigeria’s currency exchanging with the US dollar at N1,130 at the parallel market.
This represents 0.88 percent depreciating over N1,120 per dollar exchanged during the holidays.
Traders attribute the fluctuation in exchange rates to the irregularity of trading volumes during the holiday season.
With banks closed for the festivities, transactions occurred sporadically, leading to deviations from standard market rates. Traders emphasized that the rates quoted during the holidays were not representative of normal market conditions, as transactions were limited.
“We are purchasing at either N1,120 or N1,115 and selling at N1,130 or N1,125 per dollar,” explained a trader at the Lagos Airport to BusinessDay on Friday.
