Market News

With this, naira has strengthened 4.6 per cent in less than three weeks after recording an all-time low on December 31 last year.

By Abdulkareem Mojeed

Naira fell slightly against the U.S. dollar at the official market on Monday after recording a marginal gain on Friday last week.

According to the Central Bank of Nigeria, the local unit closed at N415.00 to a dollar on Monday. This implies a N0.11 or 0.03 per cent devaluation from N414.89 per $1 dollar it exchanged in the previous session on Friday last week.

The currency traded within an intraday range of N414.00 and N414.50 before closing at N415.00 on the dot at the close of business on Monday.

With this, Nigeria’s naira has strengthened by 4.6 per cent against the greenback currency at the official market in less than three weeks after recording an all-time low at the close of business on December 31 last year when it closed at N435.00 to a dollar.

Black market dealers in Abuja said naira exchanged hands with the hard currency at N569.00 per $1 in the morning but that it closed at N567.00 and was sold at N570.00 to a dollar respectively on Monday.

Also, dealers in Uyo said the currency was exchanged at N566.00 and sold at N570.00 per $1 on Monday.