BREAKING: Naira Starts February With Massive Rebounds After Five-Day Fall

Naira has started February with massive rebounds after a five-day fall.

Eko Hot Blog reports that Nigeria’s official currency, Naira clinched a slight gain against the U.S. dollar at the official market on Tuesday, February 1st 2022, after the domestic currency recorded a decline for five consecutive days last week.

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The currency closed at N416.26 to a dollar at the close of trade on Monday, data published on the Central Bank of Nigeria‘s website showed.

This translates to a N0.07 or 0.02 devaluation from N416.33 it was exchanged in the previous session on Friday last week.

It reached an intraday high of N414.26 and hit a low of N415.26 before closing at N416.16 at the close of trade on Monday.

However, during the last week’s business days, the naira closed at N415.64 to a dollar on Monday, N415.82 on Tuesday, N415.99 on Wednesday, 416.16 on Thursday and 416.33 on Friday respectively, naira trade records published by the apex bank showed.

Currency traders at the Ogba, Lagos street market (black market) said the naira exchanged hands with the hard currency at N565.00 per $1 on Monday and was sold at N570.00 per $1.