Connect with us

Naira Watch

Naira appreciates against US dollar, Euro, British Pounds at official market



Naira closes Monday trade strong against UK pound, Euro

Nigerian currency put up a good performance on Tuesday, strengthening against the US dollar, Euro and British Pounds at the Investors and Exporters (I&E) window of the FX market on Tuesday

FMDQ data showed Naira increased its value against the US currency by 0.09 per cent or 38 kobo to sell at N416.62/$1 in contrast to N417.00/$1.

This happened as the market recorded a sufficient supply of forex to meet the demands of customers.

Read also: Naira depreciates to US dollar at official market, despite increase in forex supply

On Tuesday, banks, investors, and exporters transacted a total of $144.29 million.

Naira also recorded a good performance against the British Pound Sterling improving by 69 kobo to close at N541.56/£1 compared to the previously traded rate of N542.25/£1.

In the same vein, the Naira appreciated yesterday by N1.8 against the Euro to close at N451.86/€1 in contrast to the previous day’s value of N453.66/€1.

Meanwhile at the Black market traders sustained the Naira exchange rate at N586/$1.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now