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Naira Watch

Naira records slight recovery at official market, sells at N419.02/$1



Naira continues free fall against U.S dollar

The Nigerian currency made a recovery against the US dollars at the last trading session after recent struggles.

Data from FMDQ securities where Naira is officially traded showed that the Naira appreciated to N419.02/$1 at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Friday, May 20.

Naira’s performance is a 0.31 per cent or N1.31 recovery when compared to N420.33/$1 it closed on Thursday, last week.

However, the interbank segment of the market, showed that the Nigerian currency continued its depreciation against the British Pound Sterling and euro.

Read also: CBN dismisses report on planned replacement of Naira with eNaira

CBN exchange data shows Naira exchanged at N2.15 to trade at N518.64/£1 versus the preceding session’s N516.49/£1.

It was also a poor performance against the Euro, as Naira’s value dropped by N1.75 to close the day at N439.23/€1 compared with N437.48/€1 of the previous day.

Also, at the Peer-to-Peer (P2P) window, the local currency depreciated by N1 against the American currency to trade at N616/$1 compared with the preceding day’s exchange rate of N615/$1.

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