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Naira Watch

Naira recovers as forex transaction jumps 113%



The Naira strengthened against the US Dollar at the closing of transactions on Wednesday in the Investors and Exporters (I&E) window of the foreign currency (FX) market.

According to FMDQ securities data, the Nigerian currency gained 0.06 percent or 27 kobo against its American counterpart, quoting at N414.80/$1 compared to N415.07/$1 it traded on Tuesday.

This happened as forex transaction in the I&E window jumped by 113.1 percent or $70.79 million to $133.37 million compared with the $62.58 million achieved at the preceding session.

Read also: Why eNaira is better than cryptocurrencies – CBN

However at the interbank market Naira depreciated against the dollar by 7 kobo yesterday to sell for N411.24/$1 in contrast to N411.17/$1 it finished on Tuesday.

This makes it four consecutive days of losses for Naira at the interbank market.

For the black market merchants Naira continued to exchange at N565- N568 to one dollar.

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