Naira rebounds at official market, closes at N780/$1

Buoyed by the news of the planned injection of a substantial amount of foreign exchange by Saudi Arabia into Nigeria’s forex market to boost liquidity, the Naira appreciated against the dollar on Friday and closed at a new monthly high of N780.14/$1 at the official market.

The local currency closed at N780.14 to a dollar at the close of business on Friday, data from the Nigerian Autonomous Foreign Exchange Market (“NAFEM”) window where forex is officially traded, indicated.

READ ALSO:Naira dips slightly against dollar at official, parallel markets

This represents an N216.61 gain or a 27.77% increase in Nigeria compared to the N996.75 it closed on Thursday.

The intraday high recorded was N1096.17/$1, while the intraday low was N700.00/$1, representing a wide spread of N396.17/$1.

Data from the NAFEM window revealed that the forex turnover at the close of the trading on Friday was $84.02 million, which represented a 63.24 percent decline compared to the previous day’s figure.

However, the naira traded for N1150/$1 at the Bureaux De Change (BDC) window on Friday.

By Babajide Okeowo

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