Naira Drops to N1,402.67 in Latest Official Market Trading

In the opening trading session of May at the NAFEM window, the Nigerian Naira experienced a slight decline, settling at N1,402.67 to the dollar. This marks a 0.83% decrease from the previous close of N1,390.96 in April.

Market data from FMDQ revealed a fluctuation within the day, with the Naira reaching a peak of N1,445 and a low of N1,299.42 against the dollar, resulting in a significant spread of N145.58.

Meanwhile, the volume of dollar transactions saw a modest rise of 3.32%, reaching $232.84, up from $225.36 on the preceding Tuesday.

However, in the parallel market, the Naira weakened further, dropping to N1,380 per dollar on May 2nd, marking a 1.45% fall from the N1,360 rate on April 30th.

This brought the disparity between the parallel market and NAFEM rates down to a mere N22.67 from the N40.96 observed on Tuesday. On a positive note, the Stanbic IBTC Nigeria PMI reported a slight uptick to 51.1 in April, up from 51.0 in March.

This increase was attributed to the Naira’s fortification, which eased inflationary pressures and boosted business activity in Nigeria to a three-month high in April 2024.