Naira loses 4.24% on declining dollar supply

Naira lost 4.24 percent of its value against the dollar at the official market, following a decline in dollar supply on Monday.

After trading at the Nigerian Autonomous Foreign Exchange Market (NAFEM), on Monday, dollar was quoted at N809.02 as against N776.14 quoted on Friday, data from the FMDQ indicated.

The daily foreign exchange (FX) market turnover declined by 11.30 percent to $87.65 million on Monday from $98.82 million recorded on Friday.

At the parallel market, popularly known as black market, naira opened and closed at N1,020 per dollar on Monday after appreciating to N970/$.

At the weekend, the Naira strengthened to N970 per dollar on the black market, following some positive sentiments around government plans to shore-up dollar liquidity in the foreign exchange market.

Currency traders expect naira to appreciate today in anticipation of dollar flows from willing buyers and sellers.

Quadri Olaitan