Market News

The currency was stable on the investors and exporters window and at the spot market.

By Abdulkareem Mojeed

Naira weakened against the U.S. dollar at the parallel market on Monday, data from AbokiFX.com, a website that collates parallel market rates in Lagos, showed.

However, the currency remained stable on the Investors and Exporters window. At the spot market, NAFEX, naira closed at 408.25 to the dollar, recording no change against Friday rate.

Naira closed at N480 at the Monday trading session of the black market, representing N2.0 or 0.42 per cent devaluation from N478.00, the rate at which it closed at the previous session on Friday last week.

Meanwhile, at the I&E window of the foreign exchange market, data from the FMDQ Security Exchange where forex is officially traded showed naira remained unchanged from the rate it traded in the previous session.

According to the FMDQ data posted, naira, again exchanged with the greenback currency at N410.00 at the trading session on Monday, the same rate it closed at the previous session on Friday.

The currency maintained similar spot as turnover plummeted by 20.89 per cent, with $52.58 million recorded as against the $66.46 million posted on Friday.

The CBN’s official rate on Monday was still N379 per dollar.