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Naira Watch

Naira gains at official, black-market

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Naira depreciates to N362.30 despite CBN’s $210m forex intervention

Nigerian currency opened the new week with a gain in both the black and official markets after recent struggles.

Data from FMDQ securities where Naira is officially traded showed that the Naira appreciated at the Investors and Exporters window to close at N436 to a dollar.

Monday rate signifies a 0.08 per cent appreciation compared to the N436.33 for which the dollar was exchanged on September 23, last week.

The data also showed that participants in the market exchanged a total of $78.10 million was traded at the official Investors and Exporters window on Monday.

Read also: Naira crashes to all-time record low against dollar

At the black market, the Naira also recorded a significant gain to exchange at N722 to a dollar compared to N730 during the weekend

However, there is no sign that the rising demand for dollars for Business Travel Allowance, Personal Travel Allowance, and school fees by the end-users will go away anytime soon.

These concerns will form a critical part of the Central Bank of Nigeria’s Monetary Policy Committee (MPC) meeting today in Abuja.

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