Wednesday, Apr 21st 2021 2:29 AM

Market Digest Nigeria


Naira gains 0.21%, rises against dollar

Nigeria’s currency, naira on Monday gained 0.21 percent in its value against the dollar, which closed at N409 compared to N410 it closed on Friday at the Investors and Exporters (I&E) forex window according to data from FMDQ securities.

The naira appreciation was attributed to a moderate demand for the dollars by the Investors who buy to meet their import obligations.

Currency traders who participated in the trading on Monday maintained bids at between N400 and N410.50.

However, the market witnessed low liquidity, as daily turnover declined by 57.42 percent to $30.84 million on Monday from $72.43 million recorded on Friday.

In the black market exchange rate remained flat at N485 the same rate it closed on Friday.

As at the end of Monday trading, the difference between the official and black-market remained at over N70.

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