Wednesday, Apr 21st 2021 2:57 AM

Market Digest Nigeria


Naira falls to the dollar


Naira falls to the dollar, as businesses resume after Easter holidays.

The value of Nigeria’s currency (naira) dropped by N1.20k or or 0.29 percent on Tuesday after the Easter celebrations at the I&E window of the foreign exchange market.

Data posted on the FMDQ Security Exchange where forex is officially traded showed the dollar traded at N410.50 compared to N409.30 it exchanged on Thursday last week (dollar to Naira).

Participants maintained bids between N394.00 and N419.30 per dollar before closing at N410.50 on Tuesday.

This happened as foreign exchange daily turnover increased by 14.77 percent to $40.80million from $35.55 million on Thursday, data from FMDQ indicated.

However, the exchange rate at the black market remained unchanged.

According to the data from Abokifx, the naira closed at N485.00 on Tuesday, the same rate it has exchanged hands since April 1.

As a result of this, the gap between the unofficial market and the I&E window is now at N74.50.

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