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Naira Watch

Dollar sells at N415.07 at I&E window



The Naira to Dollar exchange rate at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market in Nigeria remained at the N415 band.

According to data from FMDQ Securities Exchange, the Nigerian currency was traded at N415.07/$1, the same amount it was sold on Thursday.

The closing rate on Friday, showed Naira ended last week with a N0.34 loss after opening the week at N414.73 per $.

Data from FMDQ also showed that on Friday transactions valued at $240.97 million were carried out compared with the $103.16 million recorded at the preceding session.

Read also: Naira continues recovery, closes strong against U.S dollar

This indicates a surge of $137.81 million or 133.6 per cent during the trading session.

But at the interbank segment of the FX market, the Nigerian currency had a bad day against the United States currency as it depreciated by 5 kobo or 0.01 per cent.

CBN data showed that U.S dollar sold at N410.96/$1 in contrast to N410.91/$1 it traded a day earlier.

Meanwhile at the black market on Monday according to traders at Ikotun, and Ikeja who spoke to Ripples Nigeria, one dollar exchangeg at N576.

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