Naira strengthens against dollar as financial markets resume after holiday

The financial markets resumed activity yesterday after the two day holiday with naira firming against the US dollar across segments of foreign exchange market, BusinessDay findings show.

The nation’s currency yesterday appreciated by 1.39 percent as it closed at a record high of N306.33k against the dollar at the inter-bank spot market, data from FMDQ show.

At the Bureau De Change (BDC) segment, the local currency also strengthened by N3.00k against the dollar. It closed at N417/$, representing 0.71 percent compared to N420/$ closed on Friday last week.

Naira gained slightly by N1.00k or 0.25 percent to close at N423/$ as against N424/$ on Friday at the parallel market, BusinessDay findings show.