By Seyi Babalola
The naira rose to 1,339.33/$ at the conclusion of official trade on Monday, up 9.68 percent from Friday’s 1,482.81/$.
According to FMDQ statistics, which includes the Nigerian Autonomous Foreign Exchange Market, daily turnover fell to $180.80 million from $556.25 million on Friday, or a 67.50 percent reduction.
On Monday, the naira hit an intraday high of N1,501 and a low of N1,310 to the dollar on the official market.
On the black market, the naira traded at N1,520, a 1.32 percent decrease from N1,500 exchanged on Friday.
The local currency on Friday closed flat against the dollar, ending the week marginally strong at the official foreign exchange market after weeks of weakening, a situation that the Central Bank of Nigeria Governor, Olayemi Cardoso, termed seasonal fluctuation.
He said this at the post-Monetary Policy Committee meeting press briefing last Tuesday in Abuja.
“Members further observed the recent volatility in the foreign exchange market, attributing this to seasonal demand, a reflection of the interplay between demand and supply freely functioning market system,” Cardoso said.
