Naira maintains exchange rate against US dollar

Nigerian currency started the new trading week the way it ended the last trading at the official exchange market.

FMDQ reports that on Monday at the Investors and Exporters (I&E) window of the forex market, the value of the domestic currency stayed at N416.63 to a dollar, the same rate as Friday last week.

This happened as participants exchanged a total of $73.31 million on Monday.

However, it was a different performance for the Nigerian currency against the British Pound Sterling.

Read also: CBN defends Naira with almost $1bn in Q1, but pressure persists

CBN data shows Naira increased in value on Monday by N1.13 to close at N545.41/£1 in contrast to the N546.54/£1 it traded in the previous trading session.

In the same vein, the Naira strengthened against the Euro at the same market window yesterday by N1.83 as it was exchanged at N458.09/€1 compared with N459.92/€1 it closed last Friday.

Black traders who spoke to Ripples Nigeria revealed that the American dollar was sold at N584.

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