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Naira closes at N1,476.12 as dollar supply drops

The naira on Monday appreciated against the US dollar at the official foreign exchange (FX) market, despite a drop in the dollar sales.

After trading on Monday, the naira gained 0.67 percent as the dollar was quoted at N1476.12, weaker than N1,485.99 quoted on Friday at the Nigerian Autonomous Foreign Exchange Market ( NAFEM), data from the FMDQ Securities Exchange Limited, indicated .

The dollar supplied by willing buyers and willing sellers declined by 63.78 percent to $121.87 million on Monday from $336.54 million recorded on Friday.

According to the FX market summary, the intraday high closed at N1,500 on Monday, stronger than N1,550 quoted on Friday at NAFEM. The intraday low fell to N1,250 per dollar as against N1,174.88 quoted on Friday.

At the parallel market also known as black market, the dollar was quoted at between N1,475 and N1,510 amid strong demand. It closed at N1,480 on Friday.

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Written by Charles Daisi

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