Nigerians exchange Naira to dollar at N624

Nigerian currency on Monday closed at the Peer-to-Peer (P2P) window of the foreign exchange (FX) market at N624/$1

This represents a N1 or 0.16 per cent increase when compared with last Friday’s N618/$1.

While on the streets of Lagos, the black-market traders sold at N605/$1.

Also, at the Investors and Exporters (I&E) segment, which is the official market, the Naira recorded a 0.21 per cent or 88 kobo loss against the American Dollar as it was sold at N421/$1 in contrast to last Friday’s N420.12/$1.

Read also:Naira drops to N620/$1 at black market as pilgrims prepare to travel

However, the domestic currency weakened despite a $10.02 million or 6.1 per cent slide in the turnover for the trading day as forex worth $152.96 million exchanged hands compared with the $162.98 million recorded in the preceding session.

Naira however performed strongly in the interbank market, increasing in value by 20 kobo to the UK Pound Sterling to trade at N509.82/£1 versus the preceding session’s N510.02/£1.

But, against the Euro, it lost N1.89 to sell for N439.49/€1 compared with last session’s value of N437.60/€1.

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