Naira stabilizes at FMDQ, drops against Dollar at parallel market

The Value of Nigerian currency, the Naira ended trading against the dollar on Monday on a positive note at the official market.

According to data from FMDQ securities, Naira exchanged at N461.50 to a dollar, a 25 kobo increase when compared to N461.75/$1 at which it closed last week Friday.

The slight improvement in the exchange rate happened as participants exchanged $150.49 million during trading.

FMDQ reports that participants paid as high as N462.00 and N446.00 was the lowest rate.

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However, in the Peer-to-Peer (P2P) arm of the FX market, the domestic currency appreciated against its American pair by N1 to trade at N761/$1, in contrast to Thursday’s value of N762/$1.

In the parallel market, the local currency depreciated against the dollar by N2 to sell at N752/$1 versus the previous day’s exchange rate of N750/$1 reversing the gain of the previous trading day.

In the interbank window, the Nigerian currency closed flat against the Pound Sterling and the Euro during the session at N567.45/£1 and N500.73/€1, respectively.