FX market signals naira appreciation, opens at N388.10k
The foreign exchange market is pointing to an appreciation in the value of naira as it opened Monday morning with an indicative rate of N388.10k at the Investors and Exporters (I&E) forex window.
This represents a marginal appreciation of N0.11k when compared with N388.21k opened with on Friday, data from FMDQ revealed.
The prevailing rate at the black market is N472 per dollar, the same since Wednesday. However, traders are waiting to get new rate today, which may improve following the upcoming holiday to mark the Moslem festival.
Foreign exchange liquidity improved at the weekend as the daily turnover rose by 246.31 percent to $43.67 million on Friday from $12.61 million recorded on Thursday at the Investors and Exporters (I&E) forex window.