Connect with us

Naira Watch

Naira drops at official, black markets



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.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Click to comment

Leave a Reply

Your email address will not be published.

13 + 2 =