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Naira Watch

Naira gains at official market as demand for dollar eases further

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

The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Thursday by 0.09 per cent or 37 kobo.

According to data on the FMDQ Securities Exchange, the local currency was sold for N414.73/$1 at the market segment compared with N415.10/$1 it was traded at the preceding session.

It was gathered that the turnover on Thursday depreciated at the investors’ window yesterday to $107.92 million from $215.29 million published at the preceding session.

This indicated a $107.37 million or 49.9 per cent decline in the daily turnover of the market that caters to investors and exporters FX needs.

This low demand for forex at the I&E was likely responsible for the gains the local currency recorded against the greenback yesterday.

READ ALSO: Finally, naira appreciates at official market, black market

Also, the Naira appreciated at the interbank segment of the market against the American Dollar by 2 kobo to trade at N411.9/$1 in contrast to N411.92/$1 it was sold at the midweek.

The Naira, however, depreciated against the Pound Sterling at the same market window on Thursday by N7.56 to close at N553.35/£1 as against the preceding session’s value of N545.79/£1.

To the Euro, the local currency made a whopping N18.87 gain to close the session at N446.15/€1 compared to N465.02/€1 published at the preceding session.

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