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Naira Watch

Naira appreciates 0.10% against dollar at official market

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Naira closes strong against U.S dollar on Tuesday

The Naira had a breather on Tuesday, September 25 as it appreciated against the United States Dollar at the opening session of the week at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.

Despite the biting dollar crunch, the local currency gained 0.10 per cent against the US Dollar to close at N436.04 compared with the N436.50/$1 it was traded at the spot market last Friday.

Naira appreciation comes as the dollar supply to the official window dropped by 16%.

According to FMDQ Securities Exchange data, the total trade on Tuesday stood at $83.71 million from $99.78 million recorded on Monday.

Read also: Naira depreciates further against dollar, as CBN injects $7.6bn to defend currency

At the black market, the value of the local currency also appreciated to the dollar by N2 or 0.28 per cent to trade at N703/$1 in contrast to N705/$1 on Monday.

While in the interbank segment of the market, the Naira witnessed a downward movement against the Euro to close at N436.48/€1 compared to N435.11/€1 on Monday.

Also against the Pound Sterling, the value of Naira depreciated to N502.95/£1 from N501.36/£1 it exchanged on Monday.

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