In a welcome development, the Nigerian Naira witnessed a slight gain on Monday, July 17, following a tumultuous week of decline. The local currency closed at N795.28 per dollar at the investors and exporters (I&E) window, marking a rise of N8.62 compared to the previous week’s closing rate.
Last week, the Naira had been on a downward trend, facing significant depreciation and hitting an all-time low of N803.9 against the US Dollar on Friday. However, the slight recovery on Monday brought some relief to the currency.
While the Naira made progress at the I&E window, it faced challenges at the parallel market, commonly known as the black market. There, the Naira fell further to N827 per dollar, indicating ongoing pressures and demand for foreign currency.