The Nigerian Naira appreciated against the US dollar at the official foreign exchange market on Monday, even though there was a significant decrease in dollar sales. The naira closed at N1476.12, representing a gain of 0.67% compared to Friday’s closing rate of N1485.99.
This appreciation occurred despite a 63.78% drop in dollar supply by authorized dealers, falling from $336.54 million on Friday to just $121.87 million on Monday. Interestingly, the trading range for the dollar also expanded on Monday. The intraday high reached N1500, stronger than the previous week’s high of N1550. The low point, however, was N1250, slightly weaker than Friday’s low of N1174.88.
The black market, on the other hand, told a different story. The dollar traded between N1475 and N1510 with strong demand pushing the price up. The black market closed at N1480 on Friday, so this week’s activity suggests a slight increase in the dollar price on that channel.
Source: Business Day