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After two days of loss, naira gains against U.S dollars



The Naira appreciated marginally against the U.S dollar at the official market (Nafex window) after two days of losses.

Data posted on the FMDQ Security Exchange where forex is officially traded, showed the Naira closed at N411.50 per $1 on Tuesday. This translates to a N0.17 or 0.04 per cent appreciation from the N411.67 rate it traded in the previous session on Monday.

This occurred as the market forex supply rose by 4.00 with $113.17 million posted as against the $109.03 million recorded in the past two consecutive sessions ( Friday and Monday).

Read also: Naira to strengthen at black market as CBN, banks plan to sell dollars online

However, the local unit again maintained stability in the black market segment.

Data posted on abokiFX showed that the Naira again closed at N515.00 per $1, the same rate it had been trading since August 11 last week.

However, against the Pound Sterling, Nigerian currency depreciated by N1 to sell at N706/£1 compared to N705/£1 of the previous session.

While against the Euro, it also fell by N5 to trade at N605/€1 in contrast to N600/€1 it was sold on Monday by street traders.

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