Naira opens at N1,520 on black market

The foreign exchange (FX) market opened on Monday, with the naira exchanging with the dollar at N1,520 on the parallel market, also known as black market.

This represents 1.32 percent depreciation over the level of N1,500 exchanged on Friday on the parallel market.

The naira depreciation followed strong demand for dollars by travelers and importers, amid supply shortage, a trader said on Monday.

The local currency on Friday closed flat against the US dollar, ending the week marginally strong at the official foreign exchange market.

Read also: Naira drops further to N1,510 on black market

After trading on Friday, the naira gained slightly by 0.19 percent as the dollar was quoted at the rate of N1,482.81 compared to N1,485.66 quoted on Thursday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to the data from the FMDQ Securities Exchange Limited.

The FX market summary released by the FMDQ showed that the intraday high closed at N1,519 per dollar, weaker than N1,510 quoted on Thursday. The intraday low closed flat at N1,400 on Friday as against N1,401 quoted on Thursday.

The local currency appreciated by 0.67 percent against the dollar on the parallel market, also known as the black market. The naira was quoted at N1,500 on Friday as against N1,510/$1 quoted on Thursday.