Naira opens at N1,520 on the black market

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On Monday, the foreign exchange market opened with the naira trading at N1,520 per dollar on the black market. This is a 1.32 percent drop from Friday when it traded at N1,500 on the black market.

A trader explained that the naira’s decline was due to high demand for dollars by travelers and importers, along with a shortage of supply. On Friday, the naira held steady against the US dollar, finishing the week slightly strong on the official foreign exchange market.

After trading on Friday, the naira improved slightly by 0.19 percent, with the dollar being quoted at N1,482.81 compared to N1,485.66 on Thursday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to data from the FMDQ Securities Exchange Limited.

The FX market summary from FMDQ indicated that the intraday high closed at N1,519 per dollar on Friday, which was weaker than Thursday’s N1,510. The intraday low remained steady at N1,400 on Friday, unchanged from N1,401 on Thursday.

On the black market, the naira appreciated by 0.67 percent against the dollar. On Friday, the naira was quoted at N1,500 per dollar, compared to N1,510 on Thursday.

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