Naira sells for N745/$1 at parallel market

The Nigerian currency, Naira, is starting the new week at N745 to a United States Dollar at the black market.
Traders who spoke to Ripples Nigeria on Monday morning expected a mixed trading week.

At the official market, which is the Investors and Exporters (I&E) segment of the market, on Friday Naira appreciated against the American Dollar by 45 Kobo or 0.1 per cent to sell at N441.38/$1 compared with the preceding day’s value of N441.83/$1.

READ ALSO:Naira falls in value to all foreign currencies as dollar supply drops

Data from the FMDQ Securities Exchange showed that the value of forex transactions slightly went up by 6.8 per cent or $4.38 million to $69.18 million from the $64.80 million recorded in the preceding session.

In the Peer-to-Peer (P2P) window, the local currency is kicking off the new week at N750/$1 compared with last week’s N745/$1.

However, in the interbank segment, the Naira closed flat against the Pound Sterling and the Euro on Friday at N491.35£1 and N424.89/€1, respectively.

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