Naira fails to maintain positive momentum, weakens at forex market

Nigerian Naira, on Monday, failed to live up to the positive momentum it recorded last week at the foreign exchange market. 

This is because the local currency started off the new trading week on a weak note.

At the Investors and Exporters (I&E) window, the Naira, which appreciated last Friday to N362.08, fell on Monday by 0.03 percent or 10 kobo to close at N362.18/$1.

Data from the FMDQ showed that the daily market turnover also went down yesterday by $125.93 million or 39 percent to $196.51 million from total volume of $322.44 million exchanged on Friday.

However, at the parallel market, the Naira had an impressive performance on Monday just as it did last week; appreciating by N2 against the Euro to trade at N395/€1 against N397/€1 it traded at the close of transactions last Friday.

Still at the same market, the Naira remained flat against both the British Pound and the US Dollar; after the end of trading on Monday, closing at N447/£1 and N360/$1.

At the interbank window, the domestic currency remained flat against the Dollar at N306.90/$1.

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