Strong demand drives Naira to 480 to a dollar

On the parallel market, Nigeria’s currency on Monday exchanged at N480 per dollar. This is according to data from AbokiFX.com, a website that collates parallel market rates in Lagos.

On day-on-day basis, naira weakened by 0.42 percent from N478, which the dollar traded on Friday.

Naira also depreciated by N1.00k to close at N477 per dollar on Monday as against N476 on Friday, at the Bureau De Change (BDC) segment of the foreign exchange market.

However at the Investors and Exporters window, where forex is traded officially, naira steadied at N410.00k after trading on Monday.

Read also: Naira starts 2021 as one of Africa’s worst currencies

Foreign exchange dealers who participated during the intraday trading maintained bids at between N389.75k and N412.00k.

The market opened with the local currency depreciating by 0.11 percent to N408.04k on Monday from the N407.61k opened with on Friday, data from the FMDQ shows.

Meanwhile, Nigeria’s external reserve dipped further on Thursday, 18th February 2021, to stand at $35.47 billion.

The current reserve is only $99.9 million more than $35.37 billion recorded as of 31st December 2020, despite the oil crude price rally.

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