Connect with us

Naira Watch

Naira opens new week strong after rising 0.19%



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

Nigerian currency will be starting the new week strong after appreciating against U.S dollar, British Pounds and the Euro on Friday last week.

Naira wrapped last week at the Investors and Exporters (I&E) window of the foreign exchange (FX) market with an appreciation of 0.19 percent or 80 kobo to close at N414.30/$1 compared to N414.30/$1 it sold on Thursday

This happened as forex transaction at the market dropped by 23.5 percent or $30.4 million.

According to FMDQ data participants at the market exchanged $99.14 million compared to $129.54 million achieved at the preceding session.

However, the Naira closed bearish at the interbank segment of the forex market against the American Dollar at N411.29/$1 in contrast to N411.24/$1 it was traded a day earlier.

This showed that the Naira lost 5 kobo against the U.S dollar at the same market window.

Read also: Naira loses value again

Against the British Pound Sterling at the interbank segment on Friday the Naira recorded a N8.69 appreciation to settle at N553.02/£1 compared to N561.71/£1 it was sold on Thursday.

Nigerian currency also gained N2.21 against the Euro to finish at N474.38/€1 in contrast to the preceding day’s N476.59/€1 at the interbank market.

While at the black-market vendors who spoke with Ripples Nigeria at Okota area if Lagos, said they buy US dollar for N565 and sell for N569.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

18 + seven =