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Naira remains at 415.07 to $1 as demand pressure eases

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The Naira remained unchanged against the United States Dollar after Monday trading activities at the Investors and Exporters (I&E) window.

Data obtained from FMDQ securities showed the Nigerian currency closed on Monday, at N415.07/$1 for a third consecutive trading day.

The stability was maintained by the Naira as pressure coming from the demand for FX at the market segment eased yesterday amid the launch of eNaira.

During the trading session on Monday, the value of transaction at the FX window stood at $90.36 million as against the $240.97 million achieved at the previous trading day, indicating a decline by 62.5 per cent or $150.61 million.

Read also: Naira extends gain at official market, as foreign reserve crosses $40bn mark

However, at the interbank segment of the market, the domestic currency depreciated further.

Data obtained from the Central Bank of Nigeria showed Naira dropped in value by 3 kobo to the U.S dollar to exchange at N410.99/$1 compared to N410.96/$1 it traded last Friday.

While at the black market, traders dropped their rate N560 to a dollar on Monday, according to traders who spoke to Ripples Nigeria at Surulere and Ikeja.

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