Again, Naira appreciates against the U.S dollar, as CBN increases forex supply

Naira clinched another gain against the U.S. dollar at the official market on Monday, extending its appreciation at the official market segment to a second trading day.

Data posted on the FMDQ website where forex is officially traded showed Nigerian currency against the US dollar at the Investors and Exporters (I&E) segment of the Nigerian foreign exchange (forex) market closed at N417.30/$1 on Monday.

This indicates a 0.25 per cent or N1.03 increase when compared with the previous exchange rate of N418.33/$1 on Friday last week.

Naira’s good performance came as once again the Central Bank of Nigeria’s forex supply to the market jumped to $291.09 million compared to $169.06 million on Friday.

Read also: Naira appreciates against US dollar after CBN rejects IMF, World Bank reform advice

It was the same good news for Naira against the British Pounds as it appreciated by N6.04 to N530.54/£1 from N536.58/£1.

Another Massive gain for the Nigerian currency against the Euro recording N2.98 appreciation to close at N447.30/€1 on Monday in contrast to the previously quoted rate of N450.28/€1.

However, the domestic currency depreciated against the greenback at the peer-to-peer (P2P) FX market segment by N1 or 0.17 per cent to N586/$1 from N585/$1.

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