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Naira Drifts Against U.S. Dollar on FX Liquidity Shortfall
The naira drifted against the US dollar at the official window on Friday, reflecting a momentary shift in foreign currency liquidity amid a surge in demand.
The local currency closed at N1361.3950 per dollar at the official window, the Central Bank said in its official daily FX data released, from N1355.8502 the previous day.
The official rate hovered between an intraday high of N1366.5000 per dollar and a low of N1355, with a total of $78.15 million in interbank turnover across 91 deals.
The previous day, the market recorded $145.842 million in interbank turnover across 118 deals.
This suggests liquidity fluctuated sharply as the market headed for a close amidst surging corporate demand for international payments.
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