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Naira Watch

Naira puts up good fight to increase 0.13% in value



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

Nigeria’s currency, the naira, closed strong against the United States Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Wednesday.

Data revealed that the domestic currency appreciated by 0.13 per cent or 55 kobo yesterday to close at N414.25/$1 compared to N414.80/$1 it was traded on Tuesday.

This happened as transaction activities at the FMDQ Securities Exchange dropped by 112.8 per cent or $200.28 million.

Read also: Naira unable to sustain gain, falls by 0.18% against US dollar

On Wednesday traders exchanged $177.60 million compared to the $377.88 million recorded the day before.

But at the interbank window, the Naira depreciated against the American currency at the midweek trading session as it lost 10 kobo to trade at N411.83/$1 versus N411.73/$1 it was trading a day earlier.

Naira also lost 10 kobo against the Pound Sterling to sell for N546.05/£1 in contrast to N545.95/£1 of the preceding day.

Against the Euro, Nigerian currency also appreciated by 17 kobo to trade at N464.34/€1 in contrast to N464.51/$1 it was sold at the preceding session.

Black market traders who spoke to Ripples Nigeria said the Nigerian currency exchanged at N572/1 on Wednesday.

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