April 9, 2024.
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Azonuchechi Chukwu.
Nigerian Naira gained at the two major segments of the foreign exchange (FX) market on Monday, appreciating by 1.3 per cent or N20.44 against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) to trade at N1,230.61/$1 compared with last Friday’s closing value of N1,251.05/$1.
The local currency recorded these gains during the opening session of the week despite a shortfall in the supply of forex to the spot market, as the turnover went down by 49.4 per cent or $122.72 million to $125.55 million from $248.27 million.
Similarly, the domestic currency appreciated against the greenback on Monday in the parallel market by N20 to quote at N1,220/$1 compared with the preceding trading session’s value of N1,240/$1 as the Central Bank of Nigeria (CBN) injected fresh FX into the market via the Bureau de Change (BDC) outlets.
Also, the Naira improved its value against the Pound Sterling in the official market yesterday by N11.62 to sell for N1,574.17/£1 compared with the previous session’s rate of N1,585.79/£1, and against the Euro, it strengthened by N10.16 to close at N1,350.43/€1 versus N1,360.59/€1.(www.naija247news.com).
