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Naira Watch

Naira records gain after two days of losses

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

After two consecutive days of losses, the Naira recorded a gain against the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Tuesday.

FMDQ securities reports that Naira appreciated by 5 kobo or 0.01 per cent to close at N416.33/$1 on Tuesday compared with N416.38/$1 of the preceding session.

This happened as the participants at the market traded $95.52 million deals which was 30.2 per cent or $41.38 million lower than the $136.9 million achieved on Monday.

Read also: Naira drops in value to dollar at official market

At the interbank market, the domestic currency continued its depreciation against the American currency at the interbank segment of the market, losing 18 kobo yesterday to trade at N415.62/$1 in contrast to the previous day’s value of N415.64/$1.

But the Nigerian currency appreciated against the Pound Sterling at the same market segment on Tuesday by N1.83 to trade at N558.86/£1 compared with Monday’s N560.69/£1 and against the Euro, the Naira gained N1.29 to sell for N468.71/€1 compared to N470/€1 of the preceding session.

At the black market, Naira to dollar exchange dropped to N575/$1.

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