Naira appreciates slightly against US dollar at official market

The Naira on Monday appreciated slightly by 0.03 percent against the dollar despite low foreign exchange transactions at the Investors and Exporters (I&E), Nigeria’s official market.

Data obtained from the FMDQ indicated that after trading on Monday the dollar was quoted at N441.25 stronger than N441.38 quoted on Friday at the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX).

This happened despite the daily foreign market turnover declined by 49.71 percent to $46.21 million on Monday compared to $69.18 million recorded on Friday,

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On Monday, participants at the foreign exchange market maintained a bid at N442.50 (high) and N425 (low).

At the parallel market popularly called black market, the local currency closed at N740 per dollar the same as last Friday.

Meanwhile, the foreign exchange (FX) reserves of the Central Bank of Nigeria (CBN) has decreased by 0.44 per cent to US$37.91 billion.

The current reserves balance is at a five-week low, as the CBN continues interventions across the various FX windows.

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