Naira Strengthens Amid Dollar Scarcity

The naira closed at N493 per dollar last Friday, but on Monday appreciated in value against the US dollar, gaining N3.00k to close at N490/$ at the parallel market Monday. This represents a 0.61 percent gain.

Against other currencies, the naira closed at N580 against the Pounds Sterling, and N485 against the Euro also at the parallel market.

At the inter-bank foreign exchange market, the local currency stood at N305 per dollar as at 2.37 pm and the same since two weeks ago.

The naira is expected to ease this week following the accretion in foreign reserves by 4.88 percent to $26.22 billion as at January 5, 2017 from $25.0 billion in December 15, 2016.

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