The naira continues to rise on the official market even as the supply of dollars declines.
The naira gained 0.56 percent against the US currency in the official foreign exchange market, despite a drop in dollar supply. The dollar was quoted at N1,136.04, stronger than N1,142.38 at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to the summary of FX transactions released by the FMDQ Securities Exchange.
The intraday high closed at N1,227 per dollar, which was higher than Friday’s closing price of N1,265/$. Additionally, Monday’s intraday low closed strongly at N1,000, surpassing Friday’s closing price of N1,100.
Nigeria’s dollar supply dropped by 10.57 percent to $251.60 million on Monday, while the black market saw it rise to N1,115, while some traders quoted it at N1,118 and N1,120.
