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Naira Watch

Naira exchange rate to dollar unchanged across all markets



Naira continues free fall against U.S dollar

There was calm across all foreign exchange market segments on Wednesday as Naira closed the day as it started out.

Data from FMDQ securities showed that at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market, Naira closed at N416/$1 at the same rate from the previous day.

This occurred as demand for dollars reduced with participants transacting 36.4 per cent or $50.59 million less than they did on Tuesday.

READ ALSO: Naira appreciates as Nigeria’s external reserves record first increase in 14 days

At the close of trade $88.36 million compared with the $138.95 million recorded at the previous session was traded.

At the interbank market, Naira also traded flat against the Pound Sterling to remain intact at N564.58/£1, and also against the Euro it closed flat at N472.64/€1.

The black market also closed the day at N574 to a dollar, the same rate from the previous day.

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