Naira breaks cycle, appreciates against U.S dollar

After four consecutive days of no significant movement, the Naira gained slightly against the U.S. dollar at the official market on Thursday, November 18.

Data gathered from FMDQ securities where forex is officially traded showed that the naira closed at N414.80 to a dollar after transactions by Investors and Exporters.

The closing rate at I & E window on Thursday implies a N0.30 or 0.10 percent appreciation from the N415.10 rate it stood since Friday last week.

The strengthening of the Nigerian currency occurred in the midst of a decline in the FX turnover at the market window by 69.8 percent or $208.7 million as trades worth $90.18 million were executed compared with the $298.88 million carried out at the midweek session.

READ ALSO: Naira rate remains unchanged as forex liquidity drops by 121.28%

However, at the interbank window, the local currency depreciated against the US Dollar on Thursday by 2 kobo to close at N411.59/$1 compared with the previous day’s N411.57/$1.

Also, against the Pound Sterling, the domestic currency depreciated by N1.59 yesterday to trade at N554.14/£1 versus N552.55/£1 it was traded a day earlier but it appreciated by N4.90 against the Euro to sell for N466.19/€1 in contrast to Wednesday’s closing price of N471.09/€1.

At the black market in Lagos, dealers said they exchanged the currency at N547 and sold at N550.00 per $1 on Thursday.

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