NAIRA GAINS N3 TO SELL FOR N482/$1 AT BLACK MARKET

THE NAIRA APPRECIATED BY N3 AGAINST THE US DOLLAR AT THE BLACK MARKET OF THE FOREIGN EXCHANGE (FOREX) MARKET ON MONDAY, TO CLOSE AT N482.

THIS REPRESENTS A 0.62 PERCENT RECOVERY FROM N485 THE RATE IT HAS STOOD SINCE APRIL 1 ACCORDING TO DATA POSTED ON ABOKIFX.

IT’S OVER A MONTH SINCE NAIRA CLOSED AT N482 IN THE UNOFFICIAL MARKET.THE LAST TIME WAS ON MARCH 2.

HOWEVER, AT THE INVESTORS AND EXPORTERS (I&E) SEGMENT OF THE MARKET ON MONDAY, THE DOMESTIC CURRENCY DEPRECIATED BY 0.18 PERCENT TO CLOSE AT N409.75/$1 IN CONTRAST TO N409.00/$1 IT TRADED ON FRIDAY.

THIS HAPPENED AS THE DAILY TURNOVER OF THE SESSION DECREASED BY 17.86 PERCENT TO $45.35 MILLION FROM THE $55.21 MILLION POSTED ON FRIDAY LAST WEEK.