Naira Improves Slightly at the NAFEX Window

The Naira gained 0.27 percent from N410 to a United States Dollar it exchanged on Friday to N408.90 on Monday at the NAFEX window.

The local currency plunged to as low as N412 to a single dollar before moderating to N408.90.

Investors at the window traded US$50.67 million during Monday trading hours.

At the black market, the Naira exchanged at N485 to a dollar, lower than the N482 it sold on Thursday.

Similarly, the British Pound gained N1 to N676 against the Naira on Monday while the Naira lost N2 against the Euro to N582.

Weak foreign reserves amid low crude oil production continue to erode Nigeria’s forex generation. Despite efforts to improve dollar inflow through diaspora remittance, scarcity persists.

The Central Bank of Nigeria launched a Naira 4 Dollar scheme to encourage remittance inflow shortly after placing a ban on cryptocurrency. While banks after started paying N5 for every $1 received, the effect is yet to crystalise.