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Naira Watch

Naira records mixed trading day against US dollars



The foreign exchange (forex) market saw different movements in the exchange rate between the Naira and the US Dollar across its various segments on Tuesday.

This was due to the challenges faced by FX users while conducting transactions.

Specifically, in the Peer-to-Peer (P2P) window, the Naira weakened by N2 against the US Dollar, resulting in a trading value of N750/$1 as opposed to the previous day’s value of N750/$1.

But in the black market, the domestic currency appreciated against its United States counterpart by N1 to quote at N738/$1 compared with Monday’s rate of N739/$1.

READ ALSO:Naira appreciates against dollar across fx segments

Similarly, in the Investors and Exporters (I&E) side of the market, the Naira gained 20 Kobo or 0.04 per cent against the US Dollar during the session to sell at N463.30/$1, in contrast to Monday’s N463.50/$1.

This happened as the turnover for the day stood at $55.30 million, 68.5 per cent or $120.10 million lower than the $175.40 million recorded in the preceding session.

In the interbank segment, data obtained from CBN showed that the Naira fell against the Pound Sterling by N4.23 to trade at N574.97/£1on Tuesday compared with the previous day’s N570.74/£1.

While against the Euro, it dipped by N1 to wrap up at N502.11/€1 versus the previous day’s N501.11/€1.

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