Naira fails to maintain positive momentum, weakens at forex market
This is because the local currency started off the new trading week on a weak note.
At the Investors and Exporters window, the Naira, which appreciated last Friday to N362.08, fell on Monday by 0.03 percent or 10 kobo to close at N362.18/$1. Data from the FMDQ showed that the daily market turnover also went down yesterday by $125.93 million or 39 percent to $196.51 million from total volume of $322.44 million exchanged on Friday.
However, at the parallel market, the Naira had an impressive performance on Monday just as it did last week; appreciating by N2 against the Euro to trade at N395/€1 against N397/€1 it traded at the close of transactions last Friday. Still at the same market, the Naira remained flat against both the British Pound and the US Dollar; after the end of trading on Monday, closing at N447/£1 and N360/$1.
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