The Nigerian currency gained on the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Monday.
Data from FMDQ securities showed that the value of the local currency on Monday appreciated by 0.09 percent or 40 Kobo against the dollar to N461.50/$1 from last Friday’s value of N461.90/$1.
The strengthening of the Naira happened despite a surge in the demand for forex by 175.1 percent or $126.42 during the session.
It was revealed that participants’ FX transactions were worth $198.60 million compared with the $72.18 million achieved in the last session.
However, it was a different story at the Peer-to-Peer window where the Naira lost N5 of its value against the Dollar on Monday to trade at N757/$1, in contrast to the previous session’s rate of N752/$1.
Likewise, in the parallel market, the domestic currency was weakened against the US Dollar by N2 to sell for N743/$1, in contrast to the previous trading day’s rate of N741/$1.
At the interbank segment of the market, the Naira lost against Pound Sterling yesterday by N2.89 to settle at N554.07/£1 versus N551.18/£1 and depreciated by N3.97 on the Euro to quote at N491.72/€1 versus N487.75/€1.
Join the conversation
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.
INVESTIGATION: 4 yrs after completion, Kwara PHC facility inactive, rural dwellers in pains
In the middle of the night sometime in September 2019, Fatimah Ballah struggled with severe pains as she tries to...
INVESTIGATION: How Oyo State, contractors spent N1.1bn on water projects, but communities don’t have a drop
Multimillion naira water projects largely initiated by the late Abiola Ajimobi-led state government in Oyo State to benefit over 40...
INVESTIGATION: In Cross River, civil servants retire into poverty as govt looks away, squanders funds on frivolities
Thousands of civil servants in Cross River State struggle to stay alive as they are denied their gratuities and monthly...
Students suffer as contractors abandon Kano school projects after receiving over N70m
In 2019, to improve the condition of public schools in Kano State, the Federal Government disbursed millions of naira to...
SPECIAL REPORT: World Bank road projects go bad in Enugu, as state govt fails to fulfill promise
Counterpart funded road projects between the world Bank and Enugu State government have started to fail, as the state government...