Naira exchanges for 509/$1 at parallel market

The naira held steady against the dollar at the parallel market on Monday at N509.

The naira held steady against the greenback at the parallel market from the 509/$1 at which it closed on Friday.

On the Investors and Exporters’ window, it opened at 411.39/$1. It had a high of 412.90/$1 and a low of 400/$1. The naira closed at 411.50 against the dollar on Monday.

Dollar supply continues to increase, forex turnover for the day was $166.06m, according to the FMDQ Group.

The naira fell to 525 against the dollar at the parallel market after the Central Bank of Nigeria stopped the supply of foreign exchange to Bureau de Change. Since then, however, it had continued to appreciate.