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Naira Watch

Naira appreciates against US dollar, British pound sterling

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Naira closes Monday trade strong against UK pound, Euro

After a two-day stalemate, the Naira rose marginally against the US dollar at the investors and exporters window of the foreign exchange market.

Data gathered from FMDQ securities exchange windows where forex is officially traded showed that the naira closed at N416.33 to a dollar on Wednesday.

Nigeria’s currency’s performance against the US dollar implies a 17 kobo or 0.04 percent appreciation from the N416.50/$1 rate it stood since Monday.

This happened as forex supply rose by 12.2 percent or $13.55 million to $124.57 million from the preceding session’s turnover of $111.02 million.

At the Interbank market, data obtained from CBN shows Naira depreciated against the United States Dollar by 30 kobo to close at N415.30/$1 versus N415.00/$1 it ended on Tuesday.

Nigerian currency, however against British Pound Sterling put up a good performance as it appreciated by 84 kobo to close at N566.22/£1 on Wednesday compared with the preceding day’s N567.06/£1.

Read also: Naira value drops, rises in one day

Equally, it traded higher by N2.73 against the Euro at the same market window to finish at N470.99/€1 in contrast to N473.72/€1 it was exchanged a day earlier.

The biggest loss for the day was at the black market as Nigerians who had visited traders’ offices, shops were forced to pay N580 for a dollar on Wednesday.

This was a N10 devaluation when compared to N570 to a dollar it opened the week.

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