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Naira Watch

Naira appreciates to US dollar, British pounds



Naira continues free fall against U.S dollar

The Naira closed stronger on the last trading day of this week by appreciating N2 or 0.48 per cent against the United States Dollar on Friday, May 6 at the Investors and Exporters (I&E) segment of the foreign exchange market.

Data from the FMDQ Securities Exchange showed that the Naira was exchanged on Friday at N417.00/$1 compared with the preceding day’s value of N419.00/$1 amid low forex trades during the session.

The value of FX trades at the I&E window on Friday stood at $88.43 million compared with the $162.70 million achieved a day earlier, representing a decline of $74.27 million or 45.65 per cent.

The low turnover gave the domestic currency a breathing space and eased off the pressure on it.

Read also: Naira resumes trading, appreciates against the Dollar, Euro, Pounds

Also, data from the Central Bank of Nigeria shows that the Nigerian Naira appreciated by N2.6 against the Pound Sterling to trade at N513.35/£1 compared to the previously traded rate of N515.95/£1.

However, it was a different story for Naira against the Euro where it lost 24 kobos against to close at N439.46/€1 compared with the previously quoted rate of N439.22/€1.

On the black market, the Nigerian currency continues to trade at N594 to a dollar.

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