Naira Drops To N360.20 At Official Foreign Exchange Market

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Kayode Tokede, Lagos

The Nigerian currency, Naira, on Monday suffered a slight setback against the Dollar at the official foreign exchange market, but steadied at parallel segment of the market, FMDQ OTC has showed.

Contrary to this, the Naira, at the Investors and Exporters Foreign Exchange (IEFX) window recorded an improved opening rate of N359.53 to the dollar compared to N360 sold on Friday, an appreciable rate of 0.13 per cent, before closing at N360.20.

The IEFX, also, declared a total turnover of $266.41 as vat close of yesterday trading activities, the same value transacted on Friday but stronger than $108.34 recorded a week ago.

At the parallel market, the Naira was seen at N363 to the Dollar and N420 to the Euro, respectively, the same rates both exchanged a week ago, as the local currency appreciated further against the Pound sterling to close at N472 compared to N473 sold over the weekend.

However, the local currency eventually touched N306 to the dollar after sustaining the rate at N305 for over three months at the official foreign exchange market.

Meanwhile, the apex bank has kept rates high in the country in order to continue to curb inflation and currency weakness, while attracting foreign investors with incessant selling of treasury securities, so as to soak up naira liquidity in the system.