Naira halts free-fall, appreciates against US dollar

Nigerian currency for the first time in three trading sessions appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX).

Data obtained from the FMDQ Securities Exchange indicated that the Nigerian currency gained 0.02 per cent or 8 kobo on Monday as it was traded at N416.67/$1 compared with the preceding session’s N416.75/$1.

Participants at the opening trading session of the week exchanged $141.31 million as against the $64.03 million published at the preceding session, implying an increase by $77.28 million or 120.7 per cent.

READ ALSO: Naira free fall against US dollar continues at official markets

Also, against the Pound Sterling Naira increased in value by 6 kobo to trade at N567.08£1 compared with N567.14/£1 it was traded last Friday.

The domestic currency also appreciated against the Euro at the same market window yesterday by 52 kobo to settle at N472.56/€1 in contrast to N473.08/€1 of the preceding session.

It was also good news for Naira at the black market as it appreciated to N574 per dollar compared to the last weeks’ N575/$ exchange rate.

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