Naira strengthens as dollar demand moderates
![](data:image/svg+xml;utf-8,<svg xmlns="http://www.w3.org/2000/svg" width="700" height="400" />)
Nigeria’s Naira strengthened by 9.64 percent despite a decline in dollar liquidity at the official market on Monday.
At the close of trading on Monday, the dollar was quoted at N837.77, stronger than N927.19 quoted on Friday at the Autonomous Foreign Exchange Market (NAFEM), data from the FMDQ indicated.
The naira appreciation followed a moderation in dollar demand at the official foreign exchange (FX) market.
Willing buyers and willing sellers quoted dollars at a bid rate of N1,021, stronger than N1,160/$1 offered on Friday as the higher bid rate on the spot trading. The lower bid rate remained steady at N701 per dollar on the spot.
Dollar supply decreased on Monday as the daily foreign exchange market turnover dropped by 32.87 percent to $73.93 million from $110.14 million recorded on Friday.
1 comment