Naira bounces back after days of being battered at the official market

The Nigerian naira recovered on Monday following a string of weak exchange rates to the US dollar in the official market.

FMDQ securities reported that after trading activities at the Investors and Exporters (I&E) window of the foreign exchange (FX) market the naira closed at N414.06/$1 on Monday.

This was a N1.04 or 0.25 percent increase when compared with N415.10/$1 it exchanged on Friday last week.

The strong performance of the naira came as forex supply surged by 43.8 percent, or $37.01 million, to $121.45 million, up from $84.44 million at the previous session.

At the interbank segment of the market, CBN data showed the Naira recorded a marginal loss of one kobo against the US Dollar yesterday to trade at N411.76/$1 in contrast to N411.75/$1 it traded at the last trading session.

Read also: Naira halts drop at official market

The domestic currency also depreciated by 50 kobo against the British Pound Sterling to trade at N543.56/£1 compared to the previous N543.06/£1 and depreciated by one kobo against the Euro to quote at N464.09/€1 in contrast to N464.08/€1.

The Nigerian currency also rose in value at the black market as demand for dollars fell as a result of travel disruptions.

Black market traders who spoke to Ripples Nigeria at Okota area of Lagos State, said Naira exchanged N568/$, compared to N570, N574 last week.

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