The value of Nigerian local currency was up marginally against the dollar at the Investors’ & Exporters’ Foreign Exchange window on Monday, despite increasing capital flight from the country’s equity market.
The Naira gained 0.07 per cent to closed at $/N362.93 at the I&E FX window also known as the Nigerian Autonomous Foreign Exchange (NAFEX) window.
At the I&E FX window, a total of $598.44 million was traded in 250 deals, with rates ranging between $/N358.00 – $/N364.75.
It, however, dipped 0.02 per cent at the inter-bank forex market, trading N306.30 against the dollar, compared to $/306.25 it exchanged on Friday.
Meanwhile, the Naira was stable at $/N359.50 at the black market, while transfer rates depreciated by 50 kobo to $/N362.00.
Analysts from GTI Securities believe the FX Market would remain stable during Tuesday trading session.
The Central Bank has been intervening aggressively in the country’s forex market, which has helped stabilize the local currency, in spite of the pressure resulting from flight to safety by foreign investors.