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Naira Watch

Naira appreciates against US dollar across all markets



Nigerian currency, the Naira has recorded appreciation against the United States Dollar at the Investors and Exporters (I&E), the Peer-2-Peer (P2P), and the black market segments of the foreign exchange market.

In the I&E market, which caters to largely regulated export activities, the value of the local currency improved against the greenback yesterday by 17 Kobo or 0.04 per cent to N461.50/$1 compared with Monday’s rate of N461.67/$1.

This came as the daily turnover of FX transactions at the market window increased by 149.6 per cent or $70.50 million to $117.63 million from the $47.13 million published a day earlier.

READ ALSO:Naira stable across market as cash withdrawal policy takes off

Also, the local currency strengthened against the American currency in the P2P segment of the forex market on Tuesday by N8 to close at N760/$1 versus N768/$1 of the previous session.

In the same vein, the domestic currency appreciated against the US Dollar during the session by N1 to sell at N741/$1 compared with the preceding session’s exchange rate of N742/$1.

However, in the interbank segment, the Naira lost against the Pound Sterling by 64 Kobo to trade at N549.03/£1 versus N548.39/£1 and against the Euro, it fell by N2.59 to close at N485.15/€1 versus N482.56/€1.

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