Naira gains at official market

Naira appreciated slightly against the United States dollar at the official market on Monday, data published by FMDQ showed.

The naira closed Monday at N1,354.21/$1 as against N1,400.40 posted in the the naira session last Friday.

This implies a N46.19 or 3.30 per cent appreciation from the rate the domestic unit traded last Friday.

Within the business period on Monday, the naira rate recorded an intraclass Friday0 and a low N1,441.00 to a dollar before it eventually closed at N1,354.21/$1 at the authorised session of the FX market.

Forex supply recorded within the spot market on Monday stood at $84.83 million, the FMDQ data showed.

However, the local currency slipped further at the parallel market on Monday, market data gathered from traders indicated.

At the parallel market, the naira was exchanged at N1,420/$1 and above on Monday, as against N1,300/$1 and above, it traded last Friday and through the weekend.