Naira shows resilience, rises 5.26% against dollar in official market

By Sodiq Adelakun

The Nigerian naira experienced a boost in the official market, gaining 5.26 percent against the dollar, which was quoted at N750.14 compared to N791.75 on Friday.

This was attributed to a 12.02 percent increase in dollar supply from willing buyers and sellers.

The daily FX market turnover also rose by 12.02 percent to $176.75 million on Monday.

However, at the parallel market, the naira fell to N1,140 per dollar due to increased demand for the greenback by end-users.

This represents a 0.44 percent drop from N1,135 per dollar exchanged on Friday.

The naira had previously free-fallen to N1,310 per dollar on October 24, 2023, before strengthening to N1.020/$1 on November 3, 2023.