Naira appreciates again against US dollar
For the second day in a row, the Nigerian currency increased in value against the US dollar at the official market.
On Thursday, in the official market, which is the Investors and Exporters (I&E) window, the Nigerian currency appreciated by 45 Kobo or 0.1 percent to quote at N461.25/$1 compared with the previous day’s value of N461.70/$1.
This happened as forex demand decreased yesterday by 58.9 percent or $64.66 million
Data from FMDQ securities shows that FX trades worth $45.16 million were carried out compared with the $109.82 million executed in the previous trading day.
READ ALSO:Naira falls as dollar demand jumps by $35.96m
However, at the back market the Naira crashed against the United States Dollar at the parallel market on Thursday by N4 or 0.54 percent to trade at N752/$1, in contrast to Wednesday’s rate of N748/$1.
Also, in the Peer-2-Peer (P2P) segment of the FX market, the domestic currency gained N2 against the American Dollar to sell at N764/$1 versus Wednesday’s N766/$1.
In the interbank segment, the Naira lost 24 Kobo against the British Pound Sterling to close at N567.21/£1 compared with the previous N567.45/£1, and depreciated by 20 Kobo against the Euro to quote at N500.73/€1, in contrast to N500.53/€1.
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