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Naira Watch

Naira records mixed performance to US dollar at exchange markets



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

The Naira recorded a mixed performance against the US dollar at both the official and unofficial exchange rates.

Data obtained from FMDQ securities showed that the Investors and Exporters (I&E) where Naira is officially traded closed at N430/$1 on Friday, the same rate it closed on Thursday.

Naira was able to maintain stability amid a decrease in the demand for FX last weekend as the turnover moderated by $38.30 million or 34.7 per cent to $71.92 million from the previous day’s $110.22 million.

Read also: Naira drops at official, black markets

While at the peer-to-peer market, data obtained showed that the exchange rate of the Naira to the greenback in the FX market segment went in favour of the former by N2 as it traded at N669/$1 yesterday compared with the rate of N671/$1 of the preceding day.

However, at the parallel market, the Nigerian currency depreciated against the Dollar on Friday by N7 to trade at N645/$1 compared with N638/$1 of the earlier trading day.

The Naira also witnessed a loss against the British and European currencies in the interbank segment of the market.

Against the Pound Sterling, Naira weakened by N2.91 to wrap up at N508.02/£1 versus Thursday’s value of N505.11/£1, and against the Euro, the Nigerian currency declined by N2.67 to settle at N428.22/€1 versus N425.55/€1 of the previous day.

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