Naira improves at official, black markets

Naira increased in value on Monday against the U.S dollar at the Investors and Exporters (I&E) foreign exchange (forex) thanks to the increased forex supply by 138 percent.

According to data from the FMDQ Securities Exchange, Naira closed at N414.80/$1 a 27 kobo or 0.06 percent when compared with N415.07/$1 it traded last Friday.

The Naira regained this strength yesterday as forex supply in the market jumped by 138.4 percent to close at $360.18 million compared with the turnover of $151.03 million executed at the preceding trading session.

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This indicates $209.15 million more transactions were carried out on Monday or 138.48 per cent.

However, the Nigerian currency recorded a flat outcome against the greenback at the interbank window of the forex market yesterday as its value remained unchanged at N411.91/$1.

But against the British Pound Sterling, the Naira appreciated by N3.30 to trade at N544.05/£1 versus N547.35/£1 of the preceding session.

While against the Euro, it appreciated by N1.98 to sell at N464.26/€1 compared with N466.24/€1 of the preceding session.

Black market traders also dropped the exchange rate to N570/$ on Monday.