Naira makes first gain against Dollar in five days

For the first time in five trading days, the Nigerian currency has recorded a positive trade against the US dollar.

Data from the FMDQ securities showed at the Investors and Exporters (I&E) window that Naira gained 50 Kobo or 0.11 percent to trade at N446.00/$1 compared with the previous session’s N446.50/$1 against the dollar.

This occurred as the forex turnover for the day moderated by 51.9 percent or $84.09 million to $78.08 million from last Friday’s $162.17 million.

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Also, in the P2P segment, the domestic currency appreciated against the American Dollar by N6 yesterday to trade at N765/$1, in contrast to the preceding day’s N771/$1.

In the black market, the Nigerian currency gained N3 against the greenback during the trading day to quote at N740/$1 compared with last Friday’s exchange rate of N743/$1.

However, at the interbank segment, the Naira lost N5.83 against the Pound Sterling on Monday to close at N546.99/£1 versus N541.16/£1 and against the Euro, it fell by N10.27 to close at N477.70/€1 versus N467.43/€1.