The value of the naira rises on the official market
The Naira, the national currency of Nigeria, finished Monday’s trading versus the dollar on a high note.
Data from FMDQ Securities show that the Naira traded at N461.50 to $1, up 25 kobo from the N461.75/$1 it ended at on Friday of last week.
As participants exchanged $150.49 million during trading, the exchange rate slightly improved.
According to FMDQ, participants paid as much as N462.00 for a dollar, with N446.00 being the lowest rate.
To contrast with Thursday’s value of N762/$1, the local currency increased by N1 to trade at N761/$1 in the Peer-to-Peer (P2P) segment of the foreign exchange market.
In the parallel market, the local currency also lost value relative to the dollar by N2, falling from N750/$1 to N752/$1, erasing the previous trading day’s gain.
The Nigerian Naira ended the day at N567.45/£1 and N500.73/€1 in the interbank window against the British Pound and the Euro, respectively.