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Naira Watch

Naira exchanges for N416 to dollar at official market

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Naira closes strong against U.S dollar on Tuesday

On Thursday, the rate of Naira to the dollar remained unchanged at the Investors and Exporters (I&E) segment of the foreign exchange currency (FX) market.

FMDQ data revealed that Naira closed Thursday trade at N416.33/$1 the same rate it closed on Wednesday.

The stability of Nigerian currency occurred amid a drop in FX demand by 16.4 per cent or $20.47 million.

Participants on Thursday traded $104.10 million compared with the $124.57 million reported a day earlier.

However, the domestic currency continued its depreciation against the American currency at the interbank segment of the market, losing 15 kobo yesterday to trade at N415.45/$1 compared with the preceding day’s N415.30/$1.

Read also: Naira value drops, rises in one day

But it appreciated by N1.04 against the pound Sterling on Thursday to trade at N565.18/£1 in contrast to Wednesday’s exchange rate of N566.22/£1 and against the Euro, the Naira lost 17 kobo to sell for N471.16/€1 compared to N470.99/€1 of the last session.

At the black market, Naira recovered very slightly to N578/$ for a dollar after hitting N580/$ a day before.

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