Naira’s value remains stagnant despite an influx of dollars into market

The foreign exchange market had a 46.49 percent rise in transactions on Monday; yet, the Naira, the currency of Nigeria, did not appreciate against the US dollar.

The nation’s daily FX market turnover increased to $123.25 million on Monday from $84.02 million on Friday, per FMDQ data.

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But instead of being stronger versus the dollar due to more FX availability, the Naira slightly declined in the official market on Monday, dropping 1.96 percent to N795.41 from N780.14 on Friday.

On the parallel market, the Naira matched the rate it quoted on Friday, trading at N1100 per dollar on Monday.