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Naira Watch

Naira begins new week on a negative note



Naira depreciates to N362.30 despite CBN’s $210m forex intervention

Nigerian currency kicked off the new week on a low as it depreciated against the dollar at the Investors and Exporters window, the official foreign exchange market.

According to FMDQ securities data obtained showed Naira’s value decreased by 0.09 per cent to close at N430 on Monday compared with the N429.62 it exchanged for the dollar before the close of business on Aug. 12.

Read also: Naira falls heavily against dollar at official market

Naira performance happened as a total of $134.30 million was traded by participants at the I&E window.

At the black market, Naira recorded a marginal appreciation on Tuesday morning, trading at a minimum of N676.38/$1 compared to N678.98/$1 recorded on Monday.

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