Naira further gained against the dollar on Friday, 5th December 2024 at the official market, marking the second gain in the New Year.
The domestic currency appreciated 3% to close at N869.13 to a dollar at the close of business, data from the NAFEM where forex is officially traded, showed.
However, the naira dropped at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1255/$1, representing a 1.99% decline over what it closed the previous day, while peer-to-peer traders quoted around N1231.70/$1.
The former President and Chairman governing council of, the Chartered Institute of Stockbrokers (CIS) and the Managing Director, of Arthur Steven Asset Management Limited, Mr. Olatunde Amolegbe in an exclusive chat with Nairametrics said for the exchange rate to be stable, market and participants confidence is key.
Managing Director/CEO, of Financial Derivatives Company Limited, Bismarck Rewane had said in a report that the naira is expected to remain volatile on lingering forex supply concerns.
The dollar dearth means speculative buying is likely to continue, with an increasing number of market participants taking long positions on the dollar while shorting the naira.
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