The naira appreciated against the dollar across foreign exchange market segments on Monday, supported by improved liquidity in the interbank market and rising external reserves.
Data from the Central Bank of Nigeria showed that the naira gained N6.46 against the dollar, with the greenback quoted at N1,366.79 on Monday, compared with N1,373.25 recorded on Friday at the Nigerian Foreign Exchange Market window. This translates to an appreciation of 0.47 per cent.
Total turnover at the interbank segment rose significantly to $117.93 million on Monday from $78.84 million on Friday, an increase of $39.09 million or 49.58 per cent. The number of transactions also rose by 49.09 per cent to 164 deals from 110 deals on Friday, reflecting stronger trading activity.
In the parallel market, the naira remained unchanged at N1,385 per dollar, narrowing the gap between the official and parallel rates significantly. The convergence marks a milestone in the CBN’s efforts to unify exchange rates.
Nigeria’s external reserves rose by 0.57 per cent to $49.26 billion, providing a buffer against volatility and strengthening market confidence.
Sources: BusinessDay, Legit.ng
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