Naira opens week bullish at the official market

The Naira opened the first trading day of the week strong to the U.S dollar on Monday at the official foreign exchange market.

Data published on the FMDQ Security Exchange where forex is officially traded showed naira closed at the NAFEX window at N411.13/$1 in contrast to N411.25/$1 it ended at the previous session.

This happened as the value of transactions recorded fell on Monday by $67.68 million, or 48.6 percent.

FMDQ data shows $71.55 million value of transaction was recorded at the end of the market session as against the $139.23 million posted in the previous session on Friday last week.

Nigeria had reported that Naira is to make gains this week at the official market as a result of the Central Bank of Nigeria’s market interventions.

Similarly at the Black market Naira maintained it rates across all foreign currencies since last week.

Data posted on abokiFX showed that naira closed again at N503.00 per dollar on Monday, the same rate it has been trading since June 30, last month.

Likewise, the domestic currency retained its previous exchange rate against the British Pound Sterling as it closed flat at N710/£1.

It was not a different outcome for the domestic currency against the Euro as it closed flat at N595/€1.