The naira appreciated slightly against the United States dollar at the Investors and Exporters window on Monday, following a record decline in the spot market amid currency shortages across the country.
The gain was recorded on Monday as the supply of foreign exchange in the market session increased significantly.
According to data published in FMDQ websitewhere forex is officially traded, the local unit closed at ₦461.33 per $1 on Monday- the first business day of the week.
This represents an increase of N0.42 or 0.09 percent against the N461.75 to the dollar recorded in the previous session last week.
The Nigerian Naira opened the day trading at N461:50 per $1 before moving to an intraday low of N462.31 and a high of N446.00. It finally closed at N461.33.
Also read: Naira falls against dollar on official black market
The legal market session recorded $108.01 million as foreign exchange turnover during the business period, an increase of 59.85 percent from the $67.57 million posted on Friday last week.
In the parallel market, currency traders across the country stated that the dollar was exchanged at N745.00 per $1 and sold at N750.00 to the dollar on Friday.
This is the same range that the local currency has traded against the greenback in the street market over the past seven days, currency traders said.
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