Naira rebounds to 1,275/$ at black market

The naira rebounded against the United States dollar, appreciating by N125 to close N1,275/$1 over the weekend.

The new rate represents a 9.8 per cent increase when compared to N1,400 to a dollar it traded at the close of trading activity on Friday.

This came as the Senate through its Committee on Finance called for concerted efforts by all relevant stakeholders to rescue and sustain its stability.

Data from FMDQ securities exchange showed that the naira continued its downward trend against the greenback at the official foreign exchange window, closing at N1,339/$ on Friday.

This represents a 2.24 per cent depreciation when compared to the N1,309/$ quoted on Thursday, highlighting a full week of depreciation at the official market.

Trading between willing buyers and sellers reached a total of $1bn at the Nigerian Autonomous Foreign Exchange Market.

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