The Naira gained some weight to close at N394.30 on Monday in the import and export (I&E) window.
Market analysts are of the opinion that the pressure stirred up by rise in demand during trading forced authorities to allow trades to cross higher than N410/$1 and settling at this price by closing last week Thursday.
Figures from the FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria, indicates that it started on Monday at N403.93, recorded a high of N412.05 and low at N385.
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The I&E window is the market trading segment for investors, exporters and end-users that allows for FX trades to be made at exchange rates determined based on prevailing market circumstances.
In the parallel market, the exchange rate between the naira and the US dollar remained flat at N470/$.
