Naira begins week strong against US dollar

The Nigerian currency, the Naira has kicked off the new week with a positive movement at the official market.

However, it depreciated at the Peer-2-Peer (P2P) and the black market segments of the foreign exchange (FX).

Data obtained from FMDQ Securities Exchange where the naira is officially traded showed that the local currency gained 0.11 percent or 50 Kobo against the greenback in the official market to close at N461.00/$1 compared with last Friday’s value of N461.50/$1.

This occurred as the value of FX transactions at the I&E surged by 251.7 percent or $149.51 million to $208.91 million compared with the $59.40 million recorded in the previous session.

READ ALSO:Naira drops to N461.50 at official market as demand for dollar rises

But in the P2P window, the value of the Nigerian currency against its American counterpart went down by N6 to settle at N764/$1, in contrast to the preceding session’s rate of N758/$1.

Equally, the domestic currency declined against the US Dollar in the parallel market yesterday by N4 to close at N753?41, in contrast to the previous trading day’s value of N749/$1.

However, the Naira ended stronger against the Pound Sterling in the interbank segment by N1.85 on Monday to quote at N558.39/£1 compared with N560.24/£1 and against the Euro, it appreciated by N2.78 to end the day at N493.34/€1 versus N496.12/€1.

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