Naira exchange rate remains unchanged

Nigeria’s naira remained unchanged against the U.S. dollar at the unofficial market and official markets on Monday.

Naira again closed at N485 at the black market, the same rate it has closed for five days.

Similarly at the Investors and exporters window data posted on the FMDQ Security Exchange window showed naira also closed at N410 at the same rate it closed on Friday last week.

Read also: Nigerians now holding dollars as investment option, discard naira to make profit

During trading, market participants bid for dollars at N402 and N436.55 before closing at N410.00 on Monday.

This was as forex turnover on Monday rose by 48.24 percent, with $47.45 million recorded as against the $32.01 million posted in the previous session on Friday last week.

Meanwhile, data showed that Nigeria has one of the highest inflation rates across countries in West Africa.

Nigeria recorded an 18.17 percent inflation rate in March, which was the highest inflation rate. Ghana recorded a 10.3 percent inflation rate for the same period, with Ivory Coast recording 3.2 percent as the inflation rate in March.

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