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Market Digest Nigeria

Finance

Naira starts new week at N527/$1

naira

Naira starts new week at N527/$, N715/£1, N613/€1

No respite yet for Nigerian currency as the new week begins with Naira exchanging weaker to all foreign currencies.

Data from Abokifx shows currency traders at the black market are starting the new week trading Naira at N527 to a dollar compared to the N524/$1, the rate it closed on Friday, August 27.

The rate quoted on Monday morning indicates a loss of N7 to when compared to the opening rate of N520/$1 on Monday last week.

Also, the Nigerian currency opening rate this Monday morning against British pounds is N715/£1.

This indicates an already N3 drop in value when compared to the closing rate of N713/£1 last Friday.

The Euro is also starting the new week stronger N613/€1 in contrast to N608/€1 it was sold on Friday.

Also, A look at the Investors and Exporters (I&E) where Naira is officially traded shows the opening Indicative rate this Monday morning is N411.93 a dollar.

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