Connect with us

Naira Watch

Naira appreciates at official market, amid increase in forex supply

Published

on

Naira continues free fall against U.S dollar

The Naira had a breather on Thursday, October 6th as it appreciated against the United States after two straight days of losses at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.

FMDQ securities data showed that the local currency increased in value after Thursday’s trade to close at N436.63 to a dollar from N437.50/$1 quoted the previous day.

Read also: Again, Naira depreciates at official market

Naira’s appreciation comes as the dollar supply to the official window increased to above $100 million compared to $70.42 million during the mid-week session.

Also, at the black market, the value of the local currency also appreciated to the dollar to trade at N730/$1 in contrast to N735/$1 on Wednesday.

CBN, at its last Monetary policy meeting, which increased the interest rate to 15.5%, promised that the aggressive rate hike would slow capital outflows and likely attract capital inflows and appreciate the naira.

Join the conversation

Opinions

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

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

three × three =

TEST

Investigations