Naira appreciated against the United States dollar on Monday on the over-the-counter spot market used by investors and exporters as well as at the black market after a two-day break observed in commemoration of Sallah festival.
The local currency exchanged for N473 to a dollar on Monday, according to Abokifx, which collates parallel market rates from street traders. At the previous session last Wednesday, naira was quoted lower at N475 per dollar, 0.42 per cent weaker than the U.S. currency.
At the Investors and Exporters (I&E) window, the rate of exchange of the dollar was N388, N1.25 or 0.32 per cent weaker than that of the last session, standing at N389.25.
The opening indicative rate on Monday was N388.33 to a dollar, signalling a 28 kobo gain over the N388.61 reported on Wednesday.
Naira scaled an intraday high of N390 to a dollar before recovering to close at N388. Conversely, it touched a low of N380 to a dollar.
On the supply side, forex turnover at the I&E window fell by 8.5 per cent, sliding from $18.83 million to $17.23 million according to data provided by FMDQ Securities Exchange.
The average forex volume for last week was $32 million compared to the $27 million recorded the month before.
The total forex turnover for July was $937 million, 7.1% higher than the $875 million for the month before.
On Monday, the exchange rate gap between the I&E window and the black market, which the central bank describes as illegal, was N85.
The Central Bank of Nigeria has been making efforts to unite Nigeria’s multiple exchange rates around the rate offered at the I&E window.