The naira on Monday appreciated against the US dollar at the official foreign exchange (FX) market, despite a drop in the dollar sales.
After trading on Monday, the naira gained 0.67 percent as the dollar was quoted at N1476.12, weaker than N1,485.99 quoted on Friday at the Nigerian Autonomous Foreign Exchange Market ( NAFEM), data from the FMDQ Securities Exchange Limited, indicated .
Read also: Naira to stabilise at 1,350-1,450/$ – Bismarck Rewane
The dollar supplied by willing buyers and willing sellers declined by 63.78 percent to $121.87 million on Monday from $336.54 million recorded on Friday.
According to the FX market summary, the intraday high closed at N1,500 on Monday, stronger than N1,550 quoted on Friday at NAFEM. The intraday low fell to N1,250 per dollar as against N1,174.88 quoted on Friday.
At the parallel market also known as black market, the dollar was quoted at between N1,475 and N1,510 amid strong demand. It closed at N1,480 on Friday.
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
