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Naira Watch

Naira increases in value against Pounds, Euro, but falls against dollar

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

The value of the Naira depreciated against the United States currency in the investors’ and exporters’ window of the foreign exchange market on Wednesday.

FMDQ securities data showed that Naira fell by 0.01or 0.4 kobos per cent to close at N436.37 compared with the previous day’s value of N436.33

The Data also showed that the value of forex transactions recorded at the spot market yesterday went up by 25 per cent or $20.06 to 119.49 million from $99.43 million reported a day earlier.

Read also: Naira falls at official market, increases in value at black market

Meanwhile, in the interbank segment of the market, the Naira appreciated against the Pound Sterling to N458.53/£1 compared to N463.96/£.

While against the Euro, Naira also gained to N413.9/€1 from N416.15/€1 it closed on Tuesday.

At the black market, traders who spoke to Ripples Nigeria said Naira to the dollar exchanged at N710/$1.

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