Naira remains stable to US Dollar as demand pressure eases

The Naira remained unchanged against the United States Dollar after Monday trading activities at the Investors and Exporters (I&E) window.

Data obtained from FMDQ securities showed the Nigerian currency closed on Monday, at N415.07/$1 for a third consecutive trading day.

The stability was maintained by the Naira as pressure coming from the demand for FX at the market segment eased yesterday amid the launch of eNaira.

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During the trading session on Monday, the value of transaction at the FX window stood at $90.36 million as against the $240.97 million achieved at the previous trading day, indicating a decline by 62.5 per cent or $150.61 million.

However, at the interbank segment of the market, the domestic currency depreciated further.

Data obtained from the Central Bank of Nigeria showed Naira dropped in value by 3 kobo to the U.S dollar to exchange at N410.99/$1 compared to N410.96/$1 it traded last Friday.

While at the black market, traders dropped their rate N560 to a dollar on Monday, according to black market traders in Lagos.