Naira closes January strong across all official markets

After plunging for five consecutive days last week, Naira staged a comeback against the US dollar at the official market on Monday to close the month of January strong.

According to data obtained from the Central Bank of Nigeria (CBN) the currency closed at N416.26 per dollar in the interbank section of the foreign exchange market on Monday, January 31, 2022.

Naira performance translated to a N0.07 or 0.02 devaluation from N416.33 it was exchanged in the previous session on Friday last week.

However at the same market segment Naira depreciated by 61 kobo against the Pound Sterling to sell for N557.99/£1 compared with the previous N557.38/£1 .

Naira also traded weaker by 67 kobo against the Euro at N464.25/€1 compared to N463.58/€1 of the preceding trading day.

Nigerian currency also appreciated at the Investors and Exporters (I&E) window of the foreign exchange market.

FMDQ securities data shows Naira exchanged at N415.33/$1 at the I&E yesterday compared with N416.00/$1 it was traded at the preceding trading session, which was last Friday.

Read also: Naira falls to N416.33/$1 at official market

Monday closing rate at this FX segment is a 0.16 per cent or 67 kobo appreciation on Monday, January 31.

Naira closed Monday trading with participants exchanging dollars worth $95.07 million.

The Naira gained N5 on the black market, with merchants speaking to Ripples Nigeria putting the exchange rate at N560, up from N565 on Friday last week.

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