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Naira Watch

Naira halts drop at official market

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After two consecutive days of losses, Nigerian currency closed flat against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.

Data from FMDQ reveals that on Wednesday, Naira closed against the American currency at N415.07/$1, the same value it was sold on Tuesday.

This happened as forex supply to the market increased significantly by 51.7 percent or $76.98 million to $225.99 million compared to turnover of $149.01 million in the previous session.

Also, the Nigerian currency recorded the same outcome at the interbank window of the forex market.

Data from Central Bank of Nigeria showed the exchange rate of the domestic currency compared with its American counterpart remained unchanged at N411.74/$1 on Wednesday.

Read also: Naira continues depreciation at official market

However, the Nigerian Naira appreciated against the British Pound Sterling during the session by N2.68 to settle at N543.04/£1 versus Tuesday’s closing rate of N545.72/£1.

However, against the Euro, Naira was poor as it lost 53 kobo to trade at N474.07/€1 compared with N463.54/€1 it closed a day earlier.

Pressure also eased at the Black market as traders dropped the exchange rate for the dollar to N569 compared to the above N570 it exchanged since the start of the week.

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