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Naira Watch

Naira closes unchanged as transactions hit $138.37m for Monday



Naira exchanges for N562 per dollar, as CBN moves to stop the slide

The Nigerian currency maintained stability at the official market on Monday after closing at different rates in the last three trading sessions.

Data posted on FMDQ securities exchange windows where forex is officially traded showed naira closed at N415.10 to a dollar at the close of business Monday, the same rate it exchanged Friday last week.

Though the Naira plummeted to a low of N453.73 during the Monday trade, it quickly recovered to close at N415.10.

Also, data posted showed transactions worth N138.37 million were exchanged by participants on Monday compared with the $90.70 million executed on the previous trading day.

Read also: Naira continues to wobble at official market

Meanwhile, at the interbank market, the Naira recorded a marginal loss of one kobo against the US Dollar yesterday to trade at N411.43/$1 in contrast to N411.42/$1 it traded at the last trading session.

In the same vein, the domestic currency depreciated by eight kobo against the British Pound Sterling to trade at N551.3/£1 compared to the previous N551.22/£1 but appreciated by 83 kobo against the Euro to quote at N471.08/€1 in contrast to N471.91/€1.

Meanwhile, the black market has reversed its good performance, with traders speaking to Ripples Nigeria reporting that the dollar is now worth N543, down from N535 last week.

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