Naira gains 0.26% against dollar after CBN admits currency devaluation

Nigeria’s currency, the naira, on Monday strengthened against the dollar by 0.26 percent at the Investors and Exporters (I&E) forex window to close at N409.2/$1.

On Friday, the Central Bank of Nigeria (CBN) admitted that Naira had devalued for the third time from N305/$ to N360/$ and now hovers around N410/$.

However this is yet to be reflected on the CBN’s website and the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) window.

Read also: Naira records gain against the dollar

After trading on Monday, Naira closed at N409.20k per dollar as against N410.25k closed on Friday. Currency traders who participated in the trading on Monday maintained bids at between N381.00k and N415.00k/$, according to data from the FMDQ.

The daily foreign exchange market declined by 34.97 percent to $24.38 million on Monday from $37.49 million closed on Friday.

The local currency remained at N482 and N480 to the dollar at parallel market and Bureau De Change (BDC) segment of the market.

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