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Naira Watch

Naira continues recovery, closes strong against U.S dollar

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Naira exchanges for N562 per dollar, as CBN moves to stop the slide

Following an all-time low last week, the Naira gained for the second day in a row against the US dollar at the official market on Monday.

According to data from the FMDQ securities, Naira closed at the Investors and exporters window at N414.73 per $.

Monday rate was a N0.34 or 0.10 percent rise from the N415.07 rate it closed trade last Friday.

This happened despite a 54.41 percent drop in turnover, with only $172.00 million recorded on Monday as opposed to the $377.28 million recorded at the end of business on Friday last week.

Read also: Naira starts week with 1.7% gain against U.S dollar

Also at the interbank, Naira recorded a march against the U.S dollar to close at N410.89 compared to the N401.91 it sold the last time.

At the black market, dealers at Ikotun and Ikeja areas in Lagos told Ripples Nigeria that Naira was now at N570 to N574 due to the holiday demands.

Meanwhile, Nigerian foreign reserves is now just a step away from hitting the $40 billion mark.

It is expected that by Wednesday, the current $39.62 billion (39,620,260,264) shown on the Central Bank of Nigeria’s website as of 10/14/2021 would have surpassed $40 billion for the first time in two years.

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