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Naira Watch

Naira falls against the dollar at official market to N456.97, but bounces back

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Naira exchanges for N562 per dollar, as CBN moves to stop the slide

The Nigerian currency to the U.S dollar remained stable at the official foreign exchange (FX) market on Tuesday despite falling to N456.97 at intraday trading.

Data from FMDQ securities showed at the Investors and Exporters (I&E) window that the market closed at N415.07/$1, the same rate in the last three trading sessions.

During trading on Tuesday, participants bid for the greenback at N405.00 and N456.97, before closing at N415.07 per $1.

This came as Forex supply to the window fell by 67.8 percent or $103.71 million to $152.98 million from the preceding day’s turnover of $256.69 million.

Read also: Naira to dollar exchange rate stable as dollar supply rises

However, it was a different scenario at the interbank window of the market as the local currency depreciated against its United States’ counterpart by 2 kobo to settle at N411.66/$1 in contrast to the preceding session’s value of N411.64/$1.

But the domestic currency appreciated by 5 kobo against the British Pound Sterling to trade at N549.32/£1 compared to N549.37/£1 it was sold on Monday.

But against the Euro, it lost N2.46 to close on Tuesday at N467.28/€1 in contrast to the previous day’s N464.82/€1.

Black market traders who spoke to Ripples Nigeria at Okota, Isolo area of Lagos State, disclosed Naira to the dollar exchanged at N563 on Tuesday.

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