Naira appreciates at official market, falls to N577/$1 at black market

On Tuesday, the Naira gained 0.16 percent, or 67 kobo, versus the US dollar in the Investors and Exporters (I&E) section of the foreign currency market.

Data from FMDQ securities showed the domestic currency went for N416.00/$1 as against N416.67/$1 it was transacted at the previous trading day.

Naira increased in value as forex supply increased by 24 per cent or $18.39 to $95.17 million compared with the $76.78 million on Monday.

However, against the British Pounds Sterling, and EURO it was a poor performance for Naira data from CBN website showed.

Read also: Naira appreciates against US dollar, as CBN clarifies plans to stop forex sales to banks

According to CBN, Naira depreciated by N1.29 on Tuesday to close at N563.85/£1 in contrast to N562.56/£1, it was exchanged a day earlier.

Equally, the Naira lost N1.54 against the Euro on Tuesday to sell for N472.39/€1 compared with N470.85/€1 it was traded on Monday.

While at the black market, Naira continued its free fall to the US dollar.

Traders confirmed to Ripples Nigeria that Naira depreciated by N2 to trade at N577/$1 in contrast to N575/$1 it was exchanged at the last session.

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