Naira records mixed start in exchange markets

The Nigerian naira began the week with a slight gain against the US dollar in the official currency market, but fell on the black market.

According to data posted by FMDQ Security, where forex is officially traded, the naira closed at N411.28 at the Nafex window.

This is a N0.39 or 0.10 percent gain over the previous session’s rate of N411.67 on Friday last week.

Read also: Naira reverses gain, back to N500/$1

This occurred as FX turnover decreased slightly from the previous session on Friday last week, with a total of $100.48 million recorded at the close of trade.

Meanwhile at the black market, Naira fell sharply against the U.S dollar.

According to abokiFX data, the naira ended at N502.00 per $1 in the black market window on Monday.

This is a N2.00 or 0.40 percent depreciation from the N500.00 it has traded since Monday of last week.

However, the Naira to British Pound stayed at N710, while the Euro remained at N600.

By David Ibemere…

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now