LIVE UPDATES
Since trade resumed after the Easter vacation, the value of the Nigerian Naira against the US dollar has increased on both the official and black markets.
The naira gained 37 Kobo, or 0.08 percent, to trade at N462.88 to $1 at the official market, according to statistics from FMDQ Securities, compared to last Thursday's value of N463.25 to $1.
This is despite a 20.3 per cent or $20.55 million shortfall in the value of forex transactions in the FX market window to $80.90 million from $101.45 million.
Similar to this, the black market exchange rate for the Naira on Tuesday increased by N2 or 0.27 percent to N736/$1, down from N738/$1 in the previous session.
The rate of exchange against the dollar was N742/$1 as opposed to N748/$1 in the preceding session, showing an increase of N6 or 0.80%. This was the same positive trade at the peer-to-peer exchange market.
In the same line, the local currency lost value yesterday in the interbank market, falling N23.93 against the pound sterling to trade at N573.03/£1 as opposed to N551.10/£1 in the previous session, and N13.14 against the euro to quote at N502.11/€1 as opposed to N488.97/€1 on last Thursday.
