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Naira Watch

Naira records slight gain, as external reserves rise by $620m in one day

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Naira continues free fall against U.S dollar

The Naira gained a pittance against the US dollar at the official market on Tuesday, after falling on Monday.

According to data from the FMDQ securities exchange window, where money is lawfully exchanged, the naira closed at N414.30 per $1.

This represents a N0.1 or 0.02 percent increase over the Monday exchange rate of N414.40.

Naira’s performance on Tuesday became evident as forex turnover decreased by 16.80 percent with $153.39 recorded as against the $184.31 million posted in the previous session on Monday.

However, at the interbank segment of the market, the Nigerian currency maintained stability against its American counterpart as the exchange rate remained unchanged at N410.87/$1 at the close of business.

Read also: Naira falls further at official market

Ripples Nigeria checks on black market traders at Ikotun, Ikeja areas of Lagos showed dealers exchanged the naira at the range of N565 and N568 per $1.

Meanwhile, Nigeria’s foreign reserve continued the steady rise it started on August 25.

Data from CBN showed about $620 million was added to the reserves on Monday, 11th October 2021.

What this means is the reserves is now at $39 billion compared to the previous $38.38 billion reported.

The latest growth in the reserve position corresponds to reports that Nigeria’s foreign reserve position would exceed $40 billion in October.

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