At the parallel segment of the foreign exchange (FX) market on Monday, the value of the naira, the local currency of Nigeria, increased to N1,518.88 per dollar.
From the N1,530.26/$ on July 11, the current value represents a 0.75 percent gain. The naira has performed the best since March 14, when it was trading at N1,517.93 to the dollar, according to the most recent record.
BrandSpur banking and finance news desk reports that the currency has been comparatively stable so far in July, with only minor swings at the official market. The local currency increased steadily in value relative to the US dollar between July 1 and July 3. On July 1, the value of the naira increased to N1,529.58/$. On July 2, it increased to N1,526.16/$, and on July 3, it reached N1525.82/$.
On July 4, the local currency depreciated against the dollar to N1,528.56/$, reversing the upward trend. On July 7, it slightly increased to N 1,528.33/$. After depreciating to N1,529.22/$ on July 8, the naira gained strength to N1,520.75/$ on July 9. However, it then fell to N1,525/$ on July 10 and N1,530.26/$ on July 11.
The naira remained stable at N1,550/$ at the parallel market segment from July 11 to July 14. It is now typical for the naira to stay steady on the black market, or parallel market, for days at a time in July.
The naira remained stable at N1,570/$ from July 1 to July 2, but on July 3, July 4, and July 7, it increased to N1,565/$, N1,560/$, and N1,550/$, respectively, in the parallel market. The local currency, however, fell to N1,560/$ on July 8 before rising to N1,550/$ on July 9 and N1,545/$ on July 10.
Days after Nigerian commercial banks declared that they would resume international transactions using their naira cards, the development occurred. The development may offer the necessary buffer to further stabilise the naira.
