Naira appreciates against US dollar at official market, P2P

Nigerian currency recorded an upward movement against the US dollar at the official and unofficial foreign exchange markets during the weekend.

In the Investors and Exporters (I&E) segment, the Naira recorded a 50 Kobo or 0.11 percent upward movement against the US Dollar to trade at N461.50/$1 compared with the preceding day’s N462.00/$1.

The day’s trading data showed that the value of forex transactions during the official market slightly increased by 3.54 percent or $4.08 million to $119.43 million from the $115.35 million recorded a day before.

READ ALSO:Naira loses against US dollar across fx markets, as demand soars

Similarly, the Naira appreciated by N2 on the United States Dollar at the Peer-2-Peer (P2P) foreign exchange (FX) window, closing at N760/$1 on Friday, February 3, compared with the previous day’s N762/$1.

But in the black market, the Nigerian currency depreciated against the Dollar by N1 to close at N753/$1, in contrast to Thursday’s exchange rate of N752/$1.

In the interbank window, the domestic currency closed flat against the British Pound Sterling and the Euro on Friday at N568.32/£1 and N507.14/€1, respectively.

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