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Naira gains against the dollar, British pound, Euro after Sallah holidays



Naira falls by N2 as CBN promo fails to stop depreciation

It was mixed outing for the Naira on Thursday against the U.S dsollars, following two-day Sallah holiday.

While the Naira gained to the dollars at official market it retained the rate it closed on Monday at the parallel market.

Data from FMDQ securities the official exchange market showed Nigerian currency appreciated to N411.63/$1 in contrast to N411.67/$1 it ended on Monday.

This indicates a 4 kobo or 0.01 percent gain against the United States currency.

Yesterday’s market also marks a return to the postive zone after two previous trading sessions ended in the negative zone.

Read also: Naira drops in value again to U.S dollars

However, Forex supply to the market fell by $30.36 million, or 18.1 percent, on Thursday, with dealers trading $137.83 million compared to $168.19 million traded in the previous session on Monday.

While at the black market Naira exchange rate to the dollars remained unchanged from Monday’s rate, but gained against the British pounds and the Euro.

Data obtained from Abokifx showed traders exchanged the Naira at N503/$1 to their customers, but it was observed that the local currency appreciated by N2 against the British Pound Sterling to N703/£1 from N705/£1

Also, the domestic currency appreciated by N2 against the Euro at the parallel market yesterday to N590/€1 from the previous session’s N592/€1.

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