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Naira Watch

Naira records mixed performance at forex markets



On Tuesday, the Naira closed the market with a mixed performance against the US dollar at the foreign exchange (forex) markets.

While it strengthened against the dollar at the Peer-to-Peer (P2P) and the black market, the value of the naira dropped further at I&E window, the official exchange market.

Data from FMDQ Securities Exchange showed that participants at the I&E segment paid N445.30 to buy one dollar.

This is 60 Kobo or 0.13 per cent more when compared to N444.70/$1 on Monday.

READ ALSO:Naira increases in value against US dollar, as forex demands ease

Naira value dropped at the official market due to an increase in demand for FX by 44.6 per cent or $33.42 million to $108.32 million from $74.90 million recorded on Monday.

But at the P2P window, the Naira’s value increased by N1 to settle at N784/$1 on Tuesday compared to the N785/$1 it sold on Monday.

Also, at the parallel market, the Nigerian currency gained N7 against the US Dollar during the session to quote at N768/$1 compared with the previous day’s rate of N775/$1.

Against other foreign currencies, the Cbn data showed Naira depreciated against the Euro on Tuesday by N3.14 to trade at N465.11/€1 compared with the previous day’s N461.97/€1.

While against the Pound Sterling, it gained 9 Kobo to close N537.13/£1 compared with Monday’s N537.24/£1.

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