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Naira Watch

Naira exchanges for N416 to dollar at official market



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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