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Naira Watch

Naira appreciates across all markets against dollar as FX supply rises

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Naira exchanges for N562 per dollar, as CBN moves to stop the slide

Nigerian currency increased in value to the US dollar across all foreign exchange market on Tuesday.

Data from FMDQ securities showed Naira at the Investors and Exporters (I&E) segment of the market strengthened against the US Dollar to N420.27/$1 on Tuesday.

This was a N1.06 or 0.25 per cent increase when compared to N421.33/$1 it was traded on Monday.

A total of $108.06 million compared to the preceding session’s $46.07 million, representing a jump by 134.6 per cent or $61.99 million was traded.

It was a similar scenario at the Peer-to-Peer (P2P) window of the foreign exchange market on Tuesday, June 21.

Read also: Naira closes N4213/$1 as FX supply drops to two month low

Nigerian currency rose by N3 or 0.49 per cent against the United States Dollar to exchange at N615/$1 compared with the previous day’s N618/$1.

The Naira also gained against the British Pound Sterling at the interbank session yesterday by 21 kobo to sell for N509.92/£1 in contrast to the previous day’s N510.13/£1 and against the Euro, it depreciated by N2.65 to quote at N438.80/€1 compared with Monday’s value of N436.15/€1.

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