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Naira Watch

Naira makes marginal recovery to US dollar after one week trading



Naira continues free fall against U.S dollar

Nigerian currency recorded a good performance to the US dollar last week and will be hoping for more of the same.

Data from FMDQ securities showed that the Naira which opened Monday, 17 December at N416.50 to a dollar closed the week on Friday at N415.10/$1.

The closing rate at the investor and exporter window implies that Naira recovered by N1.4 or 0.33 percent.

However, Naira Friday’s performance is a 37 kobo or 0.09 per cent loss against the US Dollar when compared with the N414.73/$1 it was traded on Thursday.

Naira came under pressure during the trading session on Friday with the value of transactions rising by 56.2 per cent or $60.7 million at the market window to $168.62 million from the preceding day’s $107.92 million.

Read also: Naira appreciates against US dollar, British pound sterling

At the interbank market, the local currency continued its depreciation against the American currency dropping by 5 kobo or 0.1 per cent on Friday to N411.95/$1 from the previous day’s N411.90/$1.

However, the local currency lost 60 kobo against the Pound Sterling to trade at N552.75/£1 in contrast to N553.35/£1 it closed on Thursday and against the Euro, it depreciated by N2.64 to N448.79/€1 from N446.15/€1.

Black market traders kept the Naira at N578 to a dollar.

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