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Naira Watch

Naira records marginal gain as demand for dollar drops

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Nigerian currency at the official market made a marginal gain to the US dollar amid a reduced demand for foreign exchange.

Data from FMDQ showed that the Nigerian currency recorded a marginal gain to close last trading day N416 to a dollar at the Investors and Exporters Window.

This implied a 0.06 per cent or 50 kobo appreciation when compared to the N416.50/$1 it closed on Thursday, 13 January 2022.

The strengthening of Naira happened on the back of a 28.7 percent or $49.59 million drop in forex demand.

Read also: Naira fails to sustain gain, falls to N416/$1

Data showed that transactions worth $123.4 million were carried out on Friday compared with the $172.99 million recorded at the previous session.

However, at the interbank window of the market, CBN data showed the Naira was unchanged in rate at N414.79/$1.

In the same vein, the domestic currency closed flat against the Pound Sterling on Friday at N565.57/£1 and also remained at N475.22 against the Euro.

Black market traders kept the exchange rate at N570 at the close of business on Friday.

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