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Naira Watch

Naira gains at official market as demand for dollar eases further



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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