Connect with us

Naira Watch

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

Published

on

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.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Investigations