Naira climbs N825/$ on Tuesday as demand intensifies

By Sodiq Adelakun

Naira on Tuesday exchanged with the dollar at an average rate of N825 as demand intensifies at the parallel market, also known as black market.

This is the same rate it closed on Monday at the same market segment. Naira on Monday weakened against the dollar by 0.48 percent, following increased demand for the greenback by the end users.

During the morning trading on Monday, dollars were quoted at the rate of N825 as against the average rate of N821 on Friday.

“Individuals, especially those who want to travel for business or holiday are the ones buying dollars. We have dollars in the market “, a trader told BusinessDay.

At Investors and Exporters (I&E), Naira appreciated by 1.07 percent as the dollar was quoted at N795.28 on Monday compared to N803.90 quoted on Friday, data from the FMDQ showed.

The daily foreign exchange market turnover, which reflects the volume transaction at the I&E window, declined by 26.33 per cent to $34.55 million on Monday from $46.90 million recorded on Friday, according to the data obtained from the FMDQ.

On Friday, naira depreciated by 7.72 percent lowest ever, as the dollar was quoted at N803.90 on Friday as against the previous close of N746.28 on Thursday at the I&E window data from the FMDQ indicated.