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Naira Watch

Naira in one session reverses gains against U.S dollar

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

The value of Nigerian naira returned to where it started the week after two days of gaining against the US dollar at the official market.

According to data posted on the FMDQ securities exchange where Naira is officially traded, Nigerian currency fell to N413.68 per dollar, the same rate it closed on Monday before a two-day consecutive gain.

Naira’s performance at the Investors and Exporters (I&E) window on Thursday, September 23 implies a N0.50 or 0.12 per cent depreciation from N413.18 per dollar exchanged on Wednesday.

Read also: Naira continues recovery at official market, as CBN defence depletes foreign reserves by 2.4%

Also on Thursday at the market, foreign exchange supply fell 23.50 per cent with $175.86 million recorded against the $229.72 million posted in the previous session on Wednesday.

At the black market, Ripples Nigeria findings revealed that traders continued to sell the dollar on Thursday for more than N570, and only slightly less for those in need of a larger quantity.

One of the traders who spoke to Ripples Nigeria at Ikotun area of Lagos disclosed that he exchanged a dollar at N572 while British pounds went for N768.

“There is no dollar my friend, you have no idea what we go through to get the currencies. Buy from me, you cannot get it lesser than my price,” he said.

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