Naira Closes Stronger Against Dollar at Black Market Monday

By Adedapo Adesanya

The Naira finished stronger against the US Dollar at the parallel market of the foreign exchange market on Monday, October 5 at N458/$1 versus N465/$1 it traded previously, indicating a N7 gain.

At the same segment, the domestic currency also finished stronger against the Pound by N5 to trade at N595/£1 in contrast to N600/£1 it was traded at the last trading day and on the Euro, it also made a N5 gain to close at N540/€1 as against the preceding session’s N545/€1.

However, at another market window, the Investors and Exporters (I&E), the locaI currency depreciated against the greenback on Monday by 20 kobo or 0.05 per cent to end the day at N386/$1 compared with N385.80/$1 it sold last Friday.

During the trading session at the segment, Business Post learned that the demand for the American dollar dropped by 64.5 per cent or $65.78 million to $36.24 million from the previous session’s $102.02 million.

A look at the interbank window, the value of the Nigerian currency in relation to its American counterpart remained unchanged at the close of business yesterday at N379/$1.