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Market Digest Nigeria

Finance

Naira starts the week strong

naira

Naira starts week strong at official market

Following the news of plans to trade dollars online, the naira gained its highest against the dollar in the official market in almost a month.

According to data from FMDQ Securities, the Naira is starting the week at N410.80, up 0.17 percent from Monday’s opening rate of N411.50k/$.

This implies that for the first time since July 16, Naira is starting the week trading around N410.

However, at the black market Naiger’s currency is starting the week with N5 drop in value.

According to abokiFX, street currency traders sold the dollars at N515.00 per $1 on Friday, compared to N510 it was sold on Friday, 6 August.

This implies that anyone in need of dollars from the black market will buy on Monday morning at N515, the rate it has been trading at since last Wednesday.

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