Naira Watch

Mixed fortunes for Naira against US dollar at official, black market

Published

1 year ago

January 6, 2023

It was a mixed trading day for the Naira against the US dollar across the foreign exchange markets in Nigeria.

The Naira depreciated at the Peer-2-Peer (P2P), but closed stronger at the Investors and Exporters (I&E) window and maintained stability in the parallel market.

Checks showed that naira at the P2P window lost N10 of its value to settle at N768/$1, in contrast to the N758/$1 it was traded for the preceding session.

However, in the specialized I&E window or the spot market, the Naira appreciated against the United States currency during the session by 16 Kobo or 0.04 percent to close at N461.50/$1 compared with the midweek session’s rate of N461.67/$1, according to data obtained from FMDQ Securities Exchange.

This happened as there was a turnover of $68.15 million, 1.7 percent or $1.18 million more than the $69.33 million published in the midweek session.

At the black market, the value of the local currency compared with its American counterpart remained unchanged at the close of transactions on Thursday at N740/$1.

A look at the interbank window showed that the domestic currency appreciated against the Pound Sterling by N1.27 yesterday to trade at N541.56/£1, in contrast to the preceding day’s rate of N542.83/£1 and against the Euro, it depreciated by 64 Kobo to settle at N478.08/€1 versus Wednesday’s value of N477.44/€1.

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