Naira Watch

Naira gains on dollar across fx market windows

Published

1 year ago

January 13, 2023

On Thursday, the local currency outperformed the US dollar across all segments of the foreign exchange (FX) market as demand for foreign currencies waned.

Nigerian Naira appreciated against its American counterpart on Thursday in the Investors and Exporters (I&E), the black market, and the Peer-2-Peer (P2P) windows of the forex market.

Checks on the FMDQ Securities Exchange website showed at the official market, the value of the country’s legal tender strengthened by 73 Kobo or 0.16 percent during the session to sell for N461.17/$1 compared with N461.90/$1 of the previous trading day.

This was supported by a 41.2 percent or $62.31 million slip in the demand for forex in the I&E segment yesterday to $88.95 million from the $151.26 million recorded in the midweek session.

Also in the parallel market, the domestic currency gained N4 against the greenback to quote at N738/$1 compared with the preceding session’s rate of N742/$1.

Also, in the peer-to-peer segment, the Naira appreciated against the US Dollar by N4 to settle at N755/$1, in contrast to Wednesday’s exchange rate of N759/$1.

However, in the interbank segment, the Naira lost against the Pound Sterling on Thursday by N2.15 to trade at N551.18/£1 versus Wednesday’s value of N549.03/£1 and against the Euro, it tumbled by N2.60 to close at N487.75/€1 versus N485.15/€1.

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