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FX market ends week with stronger naira to the dollar

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FOREX: CBN injects N273m into retail secondary market

The foreign exchange market closed the week with Naira gaining marginally by 0.031 percent after exchanging with the dollar at N410.05 on Friday compared to N410.13 it open the week at the investor and foreign exchange market, according to data from FMDQ exchange.

Also at the black market the naira closed the week on a positive note.

The foreign exchange market daily turnover also increase by 179.86 percent to $72.43 at the end of trading on Friday from $25.88 million recorded on Monday.

At the end of Friday’s trading, investors bid for dollar at N394.00 and N414.00.

Read also: Naira closes stronger to the dollar by N1.05

Summary of activities at the I&E window showed the week opened on Monday with a 0.012 percent drop. Naira closed at N410.13 to the dollar, compared to the N410.05 per dollar it exchanged on Friday.

On Tuesday Naira gained marginally against the US Dollar to close at N409.80 per dollar. During trading, investors bid at a low of N393.00 and high of N412 before closing at N409.80.

On Wednesday naira again close stronger to the dollar at N408.75. This represents N1.05 or 0.26 per cent increase from N409.80.

While, on Thursday, Naira tumbles by 0.24 percent, at N409.75k compared to N408.75k closed on Wednesday.

Movement at the black market during the week was a little different from the I&E window as Naira remained stabled at N486 to the dollar until Friday.

Data posted by Aboki fx, shows it changed on Friday as Naira gained N1 or 0.20 percent to close at 485 to the dollar.

After Friday trading, the difference between the official and black market rate stands at N74.95.

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