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Naira Watch

Naira appreciates at official market, opens week at N414.40/$1



Naira continues free fall against U.S dollar

The Nigerian currency will begin the final full trading week of November on a high note, having gained against the US dollar in the previous session.

The Naira further appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market by 0.1 percent or 40 kobo on Friday, November 20.

According to data from the FMDQ Securities Exchange, the local currency was sold for N414.40/$1 compared with N414.80/$1 it was traded on Thursday last week.

The appreciation comes as traders exchanged $69.63 million on Friday as against the $90.18 million achieved at the preceding session.

Read also: Naira breaks cycle, appreciates against U.S dollar

This indicated that the value of transactions declined by $20.55 million or 22.8 percent during the final trading session of last week at the I&E segment.

However, at the interbank segment of the market, the Nigerian currency closed flat against the American Dollar on Friday at N411.59/$1 and lost N1.09 against the Pound Sterling to settle at N555.23/£1 in contrast to the previous rate of N554.14/£1.

Also, against the Euro, the Naira depreciated yesterday by 80 kobo to trade at N466.99/€1 compared with the preceding session’s N466.19/€1.

The black market remains at N550 according to Black market traders who spoke to Ripples Nigeria on Monday morning.

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