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.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now