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Naira Watch

Naira closes strong against U.S dollar on Tuesday



Naira closes strong against U.S dollar on Tuesday

Nigerian currency continued its recovery at the official foreign exchange market as it closed stronger against the dollar for yet another session on Tuesday.

Data from FMDQ securities the official window shows at the Investors and Exporters (I&E) segment on which the value of Naira is pegged closed at N414.50/$1 after the trading session yesterday.

Tuesday’s closing rate shows Naira gained 33 kobo to the U.S dollar when compared to the closing rate of N414.83/$1 on Monday.

Naira appreciation was influenced by the decline in the pressure on the local currency yesterday as the turnover for the session stood at $127.68 million from the previous day’s $130.83 million, indicating a reduction by 2.4 percent or $3.15 million.

Checks on the Central Bank of Nigeria website revealed that Naira fell at the Interbank on Tuesday against the British pounds and U.S dollars.

Read also: Naira closes week stronger to the dollar

Interbank rate is the foreign exchange rate paid by banks when they trade currencies with other banks.

CBN data shows Naira to dollar exchange rate closed at N410.77/$1 on Tuesday a six kobo or 0.02 percent depreciation compared with the N410.71/$1 on Monday.

Also against the British pounds, Naira fell to N558 from N562 it was exchanged on Monday.

To the EURO, Naira closed stronger at N479.90 from N480.57 it was exchanged on Monday.

While at the black market, Naira to the U.S dollar still hovered around N570-N575/$ according to traders at Ikotun-Egbe who spoke to Ripples Nigeria.

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