As it increased on the Investors and Exporters (I&E) and black-market segments of the foreign exchange (forex) market, the naira experienced favorable trading against the dollar.
According to data, the Nigerian Naira increased N1.75 or 0.38 percent versus the US Dollar during the session to settle at N462.25/$1, up from N464.00/$1 during the previous session.
When compared to the $62.16 million reported in the session prior, it was noted that yesterday’s value of FX transactions stood at $31.55 million, representing a decrease of 49.2 percent or $30.61 million.
Compared to the previous day’s value of N740/$1, the local currency strengthened by N2 in the parallel market on Monday, selling for N738/$1.
In the same line, the Naira dropped N4.80 against the Pound Sterling throughout the trading day to close at N576.72/£1 versus N571.92/£1, while it lost N4.47 against the Euro to sell at N508.04/€1 versus N503.57/€1 at the previous rate.