The Naira gained slightly against the Dollar on Monday, closing at N1,476.12

Here’s an elaboration on the information you provided about the Nigerian Naira (NGN) against the US Dollar (USD) on Monday:

Official Market (NAFEX):

• Appreciation: The Naira gained 0.67% against the Dollar, closing at N1,476.12 compared to N1,485.99 on Friday.
• Lower Dollar Supply: Despite the appreciation, the total dollar amount traded dropped significantly (63.78%) from $336.54 million on Friday to $121.87milliononMonday.\ast \ast BlackMarket:\ast \ast \ast \ast \ast Volatility:\ast \ast TheexchangeratefluctuatedbetweenN1,475andN1,510perdollar,indicatingsomemarketinstability.\ast \ast \ast ClosingRate:\ast \ast TheblackmarketclosedatN1,480perdollar,whichisslightlyhigherthantheofficialmarketrate.\ast \ast PossibleReasons:\ast \ast \ast \ast \ast LimitedDollarAvailability:\ast \ast Thelowerdollarsupplyintheofficialmarketmightbeduetovariousfactors,likedecreasedforeigninvestmentorCentralBankintervention.\ast \ast \ast IncreasedDemandforDollars:\ast \ast StrongdemandfordollarsintheblackmarketcouldbedrivenbyfactorslikeuncertaintyaboutthefuturevalueoftheNairaoraneedforhardcurrencyforinternationaltransactions.\ast \ast Overall:\ast \ast Theinformationsuggestsacomplexsituation.WhiletheNairaappreciatedslightlyattheofficialmarket,thelowerdollarsupplyraisesconcerns.Theblackmarketvolatilityfurtherhighlightstheunderlyingtension.\ast \ast AdditionalPoints:\ast \ast \ast Theprovidedlinksmightofferfurtherinsights:\ast “Nairatostabiliseat1,350-1,450/$ – Bismarck Rewane” – An expert’s prediction on the future exchange rate.
  • “Why are Nigerians so displeased with the economy?” – Context about broader economic concerns that could be impacting the currency.

It’s important to stay updated on the situation as the exchange rate can fluctuate daily.

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