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Naira Watch

Naira appreciates against dollar, Euro, Pound as FX supply rises



Nigerian Naira strengthened against the US Dollar at the Investors and Exporters (I&E) segment of the market yesterday by 33 kobo or 0.05 per cent.

According to data from the FMDQ Securities Exchange, Naira on Thursday was N420.17/$1 in contrast to the N420.50/$1, which was traded at the midweek session.

During trading yesterday, transactions worth $201.81 million were carried out at the investors’ window during the season compared with the $71.99 million turnovers reported on Wednesday, representing a surge in forex trades by 180.3 per cent or $129.82 million.

Read also: Naira crashes to N622/$1 at Peer-to-Peer market

It was a good performance also for Naira against the US dollar recording a N2 or 0.32 per cent appreciation against the American Dollar on Thursday, June 23 at the Peer-to-Peer (P2P) segment of the foreign exchange, trading at N622/$1 at the close of business compared with the previous day’s value of N620/$1.

The Naira continued its stellar performance against the British Pound Sterling and the Euro at the interbank session of the FX market, data from CBN shows.

Naira gained 79 kobo on the Pound Sterling to sell for N508.06/£1 compared with the previous day’s N508.85/£1 and against the Euro, it gained 52 Kobo to settle at N436.56/€1 versus Wednesday’s rate of N437.08/€1.

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