Naira closes first week of April weaker despite 48.32% increase in forex supply

The foreign exchange market ended the first trading week of April with Nigeria’s currency weaker than it started at the Investors and Exporters (I&E) forex window despite improved liquidity.

Naira dropped by 0.01 per cent Week-on-Week to N416.67/$1 on Friday as against the opening rate of N416.63/$1 on Monday.

This happened as the foreign exchange market turnover increased by 48.32 per cent Week-on-Week to $108.28 million at the end of the trading session on Friday from $73.31 million recorded at the opening trading day on Monday, data compiled from the FMDQ indicated.

Read also: Naira appreciates at official market, as expert tells Nigerians to treat currency with respect

Meanwhile, the local currency appreciated against the British Pound Sterling at the spot market on Friday by N2.32 to trade at N544.69/£1 compared with Thursday’s closing price of N544.69/£1.

It was a similar situation with the Euro as the Nigerian currency appreciated by N2.45 to sell at the final session of the week at N451.91/€1 in contrast to N454.35/€1.

At the black market, Naira continued to perform badly as Traders on Monday morning exchanged the currency at N586 to a dollar compared to the average rate of N584- N585 last week.

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