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Naira Watch

Naira records gain against U.S dollar, as forex transaction jumps by 71%



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

Nigerian currency recorded a slight gain on Monday against the United States Dollar at the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) segment of the foreign exchange (FX) market.

Data from FMDQ showed the specialised market segment, which is called the Investors and Exporters (I&E) window, closed at N414.98/$1 as against N415.10/$1 it was sold Friday last week.

The slight gain happened as $160.64 million foreign exchange turnover was recorded.

Monday transaction at the I&E window was a 71.4 percent or $66.93 million increase when compared to $93.71 million recorded at the preceding session, which stood at $93.71 million.

However, the Nigerian currency continued to fall against the US dollar in the interbank forex market.

The Naira fell by 8 kobo, or 0.02 percent, versus the US dollar during the trading day, selling for N411.17/$1 on Monday, compared to N411.09/$1 the previous trading session.

Read also: Naira starts November at N415.10 to one dollar

Nigerian currency also dropped N1.33 against the Pound Sterling in the same market window, trading at N566.62/£1 vs N565.29/£1 the previous day.

Against the Euro, it also depreciated by N1.96 to sell for N478.68/€1 compared with the preceding session’s N476.67/€1.

At the black market in Lagos, dealers located in Okota area of Lagos State said they exchanged one dollar at N563 and sold at N568 to a dollar on Monday.

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