Naira opens week negative at official window

The Nigerian Naira began the new week in the negative zone in the foreign currency (FX) market’s Investors and Exporters (I&E) window on Monday.

Data from the FMDQ Security Exchange, where currency is officially transacted, indicated that the Naira fell by 32 kobo, or 0.08 percent, versus the US dollar to settle at N411.07/$1, compared to N410.75/$1 last Friday.

This happened as foreign exchange supply to the market declined by 34.45 percent, or $79.56 million

Data showed transactions worth $151.37 million were carried out at the I&E window compared to the $230.93 million recorded at the preceding trading session.

Market participants yesterday bid for Naira at low of N420.73 and high of N400 before closing at N411.07 on Monday.

Meanwhile, on Monday, the Naira currency halted its dramatic decline on the black market.

According to the data posted by abokifx the domestic currency exchanged hands at N502/$1, the same rate it traded in the previous session on Friday last week.

It equally closed flat against the Pound Sterling at the same parallel market yesterday at N710/£1, but gained N1 against the Euro to close at N607/€1 compared to N608/€1 it traded at the previous session.

At the close of trade on Monday, the difference between black market and official market rate for the dollar was N90.93.