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Naira Watch

Naira makes slight recovery against US dollars

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The Nigerian currency made a slight recovery on Tuesday at the Investors and Exporters window where Naira is officially traded.

According to data from the FMDQ Securities Exchange, the Naira exchanged for N419.50/$1 yesterday, a 0.18 per cent or 75 kobo increase when compared with the N420.25/$1 it traded on Monday.

Naira’s good performance happened despite a 19.8 per cent or $24.39 million drop in forex supply to $98.52 million from the previous day’s $122.91 million.

Read also: Court jails Chinese national for mutilating naira

It was the same good performance for Naira at the interbank window as it closed stronger against the Pound Sterling by N2.40 to trade at N523.05/£1 compared to the previously traded rate of N525.45/£1 and on the Euro, the Naira gained N2.58 to close at 444.99/€1 in contrast to Monday’s N447.57/€1.

The good performance of the Naira also reached the Peer-to-Peer (P2P) segment of the market yesterday as it appreciated against the American currency by N8 or 1.30 per cent to settle at N608.00/$1 compared with the preceding session’s exchange rate of N616.00/$1.

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