Naira recorded a modest gain against the United States dollar at the parallel market on Monday, closing at N458, 1.5% stronger than its close at the previous session, standing at N465, data from abokiFX, which collates rates from street traders, showed.
The flow of dollar supply into the Bureau de Change segment of the currency market through the Central Bank of Nigeria’s latest sales round to operators supported the gain.
Meanwhile, the local currency weakened by N0.20 against the greenback at the over-the-counter spot market used by investors and exporters, closing at N385.80 relative to its Friday’s close, which was N386.
Naira touched an intraday high of N380 and low of N393.01 before settling at N386.
Turnover at this side of the market contracted by 64.5%, falling from $102.02 million to $36.24 million.
Last week, on this side of the market, the volume of trade averaged $169.93 million daily compared to the $34.5 million reported a week earlier.
Turnover tumbled to $857 million in August from $937 million.
The Central Bank in its recently released Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Years 2020/2021 expected Nigeria’s foreign reserves, which opened the year at $38.100 billion in January, to fall between $29.9 billion and $34 billion by year end, stoking fears of low liquidity.
Join the conversation
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...
INVESTIGATION….N.3bn down the drain: Why water projects for Enugu communities don’t work
In this concluding part, ARINZE CHIJIOKE talks about some of the projects that are serving the people and how various WASH programmes have failed to tackle...
INVESTIGATION…PARKVIEW ESTATE: Exclusive images of how billionaire property developer incurred Lagos govt‘s anger
Many have seen the demolished building, but not many know the circumstances that led to the teardown of the about...
INVESTIGATION… N.3bn down the drain, as Enugu communities suffer from dry taps
In November 2020, three organizations and the Enugu State government celebrated the completion of N300 million worth of projects that were expected...
INVESTIGATION… How herdsmen crisis compounds woes of already deprived Ogun communities
Earlier in January, the Nigerian media space was awash with reports of violence between herders and farmers across the country....