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Naira Watch

Demand for forex jumps by 122.9%, but Naira stays unchanged



On Thursday, Naira came under intense pressure at the Investors and Exporter window, the official exchange market, as participants closed $172.99 million worth of transactions.

This was a 122.9 per cent or $95.38 million jump when compared to $77.61 million on the preceding day data from FMDQ securities shows.

However, despite the pressure Naira stayed strong and closed at N416.50/$1, the same rate of the preceding session.

Naira was able to brush off the pressure due to the availability of forex demanded.

Read also: Forex: Black market operators demand access to Diaspora remittances

However, it was not a similar scenario at the interbank segment of the market, where the domestic currency depreciated against the greenback yesterday by 18 kobo or 0.04 per cent to trade at N414.79/$1 in contrast to N414.61/$1 of the previous day.

In the same vein, the Nigerian currency depreciated against the Pound Sterling by N3.72 to trade N569.29/£1 compared with the previous day’s N565.57/£1 and against the Euro, the Naira lost N3.97 to settle at N475.22/€1 versus Wednesday’s rate of N471.25/€1.

Meanwhile, for the third straight day in this week Naira exchanged at N573/$ traders at Okota in Lagos told Ripples Nigeria.

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