Data posted on the FMDQ Security Exchange where forex is officially traded revealed that the naira remained stable against the U.S dollar at the Investors and Exporters (I&E) window on Monday.
The Nigerian currency also remained stable at the parallel market.
At the Nafex window, data posted showed that the domestic currency closed at N412.00 to the dollar, the same rate it traded in the previous session on Friday last week.
The stability became evident as foreign exchange supply plummeted by 19.62 per cent, with $125.44 million posted as against $156.06 million posted in the previous session on Friday last week.
According to the FMDQ data posted, the naira saw an intraday low of N420.33 and a high of N400.00.
The last time the currency traded at N412.00 was on May 28 last week.
Similarly, the local unit, again, remained stable at the parallel market, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.
According to the data posted, the naira closed at N495.00, the same rate it exchanged hands with the hard currency in the previous session on Thursday and Friday last week respectively.
The disparity between the black market and official market rates currently still remains at N83.00. This translates to a margin of 16.80 per cent as of the close of business on Monday, the same rate it stood on Friday last week.
Naira is in best possible health- Presidency
Meanwhile, the Presidency says the naira is in the “best possible health it can be, given the circumstances we are in”.
Presidential Spokesman Garba Shehu while speaking on Sunday Politics, a Channels Television programme, argued that over the past year, the COVID-19 pandemic has negatively affected the global economy.
According to him, only the Nigerian economy is recording “positive growth” in Africa.
When asked specifically about the criticism of the government’s economic policies, he said critics of the federal government’s handling of the economy should get themselves “re-examined”
“If you ask me this question, I will tell you that whoever questions the capacity of the government to manage the economy probably also need to have themselves re-examined,” he said.
“Because look at all of the things that have happened with COVID over the last year or more.
“Can you see that in the entire Africa continent, this is the only country that is recording positive growth in its economy?”
