Naira recovers amid increase in forex supply

The naira on Thursday appreciated on the official market, after two consecutive days of losses to the US dollar.

Data from FMDQ securities shows that the naira increased in value yesterday to N418.50/$1 at the Investors and Exporters (I&E) forex window, considered as the official market rate.

Thursday rate indicates 83 kobo or 0.2 per cent appreciation when compared with the N419.33/$1 it was sold on Wednesday.

The gradual rebound of the naira followed an increase in dollar supply at the market to $146.81 compared to $82.56 million during the midweek session.

Read also: Naira reverses gain, drops to N418.50/$1 at official market

Similarly, Nigerian currency appreciated in value to British Pound Sterling and the Euro at the spot market.

CBN data shows Naira gained N5.45 to sell at N517.08/£1 compared with the preceding session’s value of N522.53/£1.

While against the Euro it appreciated by N3.58 to close Thursday at N436.29/€1 compared with the previous day’s exchange rate of N439.87/€1.

At the Peer-to-Peer (P2P) market, Naira also gained N1 to sell at N586/$1 in contrast to the previous day’s value of N587/$1.

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