Naira starts week positive as black market traders take advantage of holidays

Nigerian currency resumed from the Easter holiday at the official market, trading on a positive note after exchanging at N427.75 to the US dollar on Friday, July 8 2022.

FMDQ securities reports that Naira closed on Friday with a 41 Kobo or 0.1 per cent gain when compared to Thursday’s exchange rate of N428.16/$1.

However, it was a different story at the black market and peer-to-peer segment.

Read also: Naira exchange rate hits N614/$1 at Parallel Market

While the official and authorised foreign exchange (FX) windows were closed on Monday and Tuesday due to the public holiday declared by the federal government, traders used the opportunity to make more gains depreciating the Nigerian currency further.

FX traders on the streets of Lagos yesterday said that the Naira was exchanged with the greenback at N617/$1 compared with the preceding session’s rate of N616/$1, indicating a decline by N1 or 0.16 per cent.

While at the P2P segment of the market, the domestic currency lost N2 or 0.32 per cent of its value to the US dollar to trade at N623/$1 in contrast to the previous session’s value of N621/$1.

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