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Naira Watch

Naira drops at official, black markets

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Naira closes strong against U.S dollar on Tuesday

On Tuesday, the Nigerian currency depreciated by N1.79 or 0.42 per cent against the United States Dollar to settle at N430.67/$1 compared with the previous day’s N428.88/$1.

Data from the FMDQ Securities Exchange indicated that forex demands at the I&E surged by 163.3 per cent or $98.41 million to $158.68 million from the previous day’s $60.27 million.

But at the P2P window, the local currency gained N18 or 2.6 per cent against the greenback to sell for N682/$1 in contrast to the previous day’s N700/41.

Read also: Naira kicks off August with appreciation across all markets

At the black market, the domestic currency appreciated against the American currency by N35 or 5.15 per cent to trade at N645/$1 compared with the N680/$1 it was exchanged on Monday.

At the interbank segment, the Naira lost 10 Kobo against the Pound Sterling to close at N509.68/£1 versus N509.58/£1 and against the Euro, it fell by 13 Kobo to finish at N426.62/€1 compared with the preceding session’s N426.49/€1.

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