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Naira gains N3 to sell for N482/$1 at black market

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The Naira appreciated by N3 against the US Dollar at the black market of the foreign exchange (forex) market on Monday, to close at N482.

This represents a 0.62 percent recovery from N485 the rate it has stood since April 1 according to data posted on abokiFX.

It’s over a month since Naira closed at N482 in the unofficial market.The last time was on March 2.

However, at the Investors and Exporters (I&E) segment of the market on Monday, the domestic currency depreciated by 0.18 percent to close at N409.75/$1 in contrast to N409.00/$1 it traded on Friday.

This happened as the daily turnover of the session decreased by 17.86 percent to $45.35 million from the $55.21 million posted on Friday last week.

Participants on Monday bid for Naira at N400.00 and N420.00, before closing at N409.75.

At the end of Monday trading the difference between the unofficial market and the I&E window exchange rate stood at N72.25.

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