At the official Investors and Exporters window, the Naira gained 0.11 percent versus the US dollar on Tuesday, closing at N410.67/$1 compared to N411.13/$1 it closed on Monday.
Data from FMDQ securities showed the gain recorded by Naira was the second in a row after Monday closed also with an appreciation.
At the black market the exchange rate remained flat at the parallel market to close at N532/$1. This is the same rate recorded at the close of trade on Monday.
However, data from abokifx showed the Naira lost N4 against the Pound Sterling to sell at N727/£1 compared with N723/£1 of the preceding session and depreciated against the Euro by N1 to close at N626/€1 in contrast to the prior session’s N625/€1.
Meanwhile, the Central Bank of Nigeria has promised investors that the gap between the official and unofficial exchange rates will be closed.
The gap which has frustrated investors currently stands N121.33 at the end of Tuesday trading.
Hassan Mahmud – Director, Monetary Policy Department, CBN assured of the exchange rates convergence while speaking as a panelist at a virtual economic event titled; ‘Navigating an Economic Recovery amid a Pandemic’ held yesterday.
Read also: Naira ends losing streak against U.S dollar
According to him, as CBN focuses more on boosting the dollar supply in the country and investors confidence, the exchange rates will take care of itself with time.
“Contrary to the market perception that the naira remains overvalued, Naira is now strongly determined by market fundamentals.
“We are not really bothered much about valuation. What we are worried about is the supply side and the confidence in the system.
“The naira is expected to adjust based on demand, that is why the country adopted a managed float regime,” he said.
Join the conversation
SPECIAL REPORT: Displaced residents of Zamfara battle hunger, as underfunding derails Nigeria’s nutrition goals
On paper, Muhammad Zayyanu is seven years old. The quiet boy who looks shorter for his age could not recollect...
INVESTIGATION: N7.3bn paid for unnamed projects; how Nigerian govt spent N2.2trn in six months
Analysing nearly 3,000 payments made by various Federal Government Ministries, Departments and Agencies (MDAs) over the previous six months (January...
INVESTIGATION… Delay rocks Nigerian govt’s promise of N30,000 covid-19 relief for artisans, others
Before the outbreak of the COVID-19 pandemic in February, 2020, Chukwudi Okoroigwe’s daily earnings as a bus driver was hardly enough to cater to the...
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...
INVESTIGATION….N.3bn down the drain: Why water projects for Enugu communities don’t work
In this concluding part, ARINZE CHIJIOKE talks about some of the projects that are serving the people and how various WASH programmes have failed to tackle...