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Naira Watch

Naira gains value against Dollar, Euro, Pound at official exchange market

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Nigerian currency on Tuesday recorded an increase in value against foreign currencies at two official windows on resumption of trading after the democracy day holiday.

Data obtained from FMDQ securities where Naira is officially traded showed that the currency at the Investors and Exporters (I&E) window of the foreign exchange market closed at N420.75 to a dollar.

This indicates a N0.5 or 0.11 per cent appreciation when compared to N421.25 it exchanged on Friday, June 10.

Read also: Naira appreciates across markets

The good performance of Naira happened as transactions worth $115.18 million were carried out during the session compared with the $105.11 million achieved in the preceding day.

Also at the interbank window, data obtained from the CBN website showed that the Nigerian currency appreciated against the British Pound Sterling to trade at N502.43/£ compared to N521.49/£ on Friday last week.

It was also the same outcome for Naira against the Euro as it closed Tuesday at N434.59/€1 compared to the N446.39/€1 it exchanged last week.

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