Naira clinched another gain against the U.S. dollar at the official market on Monday, extending its appreciation at the official market segment to a second trading day.
Data posted on the FMDQ website where forex is officially traded showed that the Nigerian currency against the US dollar at the Investors and Exporters (I&E) segment of the Nigerian foreign exchange (forex) market closed at N417.30/$1 on Monday.
This indicates a 0.25 per cent or N1.03 increase when compared with the previous exchange rate of N418.33/$1 on Friday last week.
Naira’s good performance came as once again the Central Bank of Nigeria’s forex supply to the market jumped to $291.09 million compared to $169.06 million on Friday.
It was the same good news for Naira against the British Pounds as it appreciated by N6.04 to N530.54/£1 from N536.58/£1.
Another Massive gain for the Nigerian currency against the Euro recording N2.98 appreciation to close at N447.30/€1 on Monday in contrast to the previously quoted rate of N450.28/€1.
However, the domestic currency depreciated against the greenback at the peer-to-peer (P2P) FX market segment by N1 or 0.17 per cent to N586/$1 from N585/$1.
– Media Report