Naira gains against US Dollar at forex market

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The naira commenced the week on a positive note as it gained against the US Dollar again on Monday at the foreign exchange market.

Official data from FMDQ disclosed that the Naira depreciated to N837.77/$1 on Monday from N927.19/$1 it closed on Friday.

This represents an N89.42 gain or a 10.67 per cent increase in the local currency compared to the N927.19 it closed on Friday.

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The forex turnover at the close of the trading on Monday stood at $73.94 million, representing a 32.87 per cent growth compared to the previous day.

Meanwhile, the Naira maintained slight stability at the parallel market, exchanging at N1165/$1 on Monday, the same figure it quoted on Friday.

Dayyabu Mistila, a Bureau De Change Operator in Wuse Zone 4, disclosed that he is selling US Dollars at N1165/$1 while buying at N1,155/$1 on Tuesday morning.

Meanwhile, Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, speaking at the Chartered Institute of Bankers of Nigeria (CIBN) 50th-anniversary barely two weeks ago, said that the persistent fluctuating exchange rate was hampering business growth and promised to be transparent and fair to all as the bank performs its function.

“I’m confident and optimistic that by taking appropriate corrective actions and strategic steps, we can restore macroeconomic stability and address fundamental flaws,” he stated.

This comes as a financial expert, Prof Godwin Oyedokun, attributed Nigeria’s forex crisis to weak economic fundamentals, low foreign reserves, increased external debts and a double forex window.

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