USD Rate Drops, Naira Gains Against Pound In Official Window

Foreign currency traders offered the United States dollar (USD) at N1,320.55 kobo per $1 on Monday in the Nigerian foreign exchange market (NGX). Dollar: Naira Gains Against USD They reduced their asking price by N0.66 kobo compared to the N1,321.21 kobo per USD offered during trading on Friday, according to the Central Bank of Nigeria (CBN). The highest rate the American greenback traded in the NFEM was N1,322.5 kobo per dollar, while the lowest offer was N1,318.5 kobo per $1, before closing at N1,320 per USD. Pound: British Currency FX Rate Rises To N1,787/£ The pound was traded at N1,787.48 kobo per £1 in the NFEM, also known as the official window, on Monday, below the N1,785.34 kobo per £1 offered during trading on Friday. Following the N2.14 kobo increase in the foreign exchange (FX) rate of the British currency, the naira depreciated in value by 0.11 percent against the euro. Euro: Naira Holds Ground Against Euro The naira traded flat against the euro in the official window on Monday, after foreign currency traders retained their asking price reported on Friday. According to the CBN, the euro was traded at N1,534.83 kobo per €1 in the official window, compared to the N1,534.27 kobo per €1 recorded during trading on Friday. For press releases, tip-offs, and corporate information, call 08149575257 (hotline), email: [email protected] and [email protected]