Naira gains against Dollar at official, parallel market

Nigerian currency recorded positive trading against the US dollar as it appreciated at the Investors and Exporters (I&E) and the black-market segment of the foreign exchange (forex) market.

Data shows that on Monday at the spot market, the Nigerian currency gained N1.75 or 0.38 percent against the US Dollar during the session to close at N462.25/$1 compared with the preceding session’s N464.00/$1.

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It was observed that yesterday, the value of FX transactions stood at $31.55 million compared with the $62.16 million reported in the preceding session, indicating a decline of 49.2 percent or $30.61 million.

In the parallel market, the local currency appreciated against the greenback on Monday by N2 to sell for N738/$1 compared with the previous day’s value of N740/$1.

In the same vein, the Naira shed N4.80 against the Pound Sterling in the interbank segment of the market during the trading day to finish at N576.72/£1 versus N571.92/£1, and against the Euro, it lost N4.47 to sell at N508.04/€1, in contrast to the previous rate of N503.57/€1.