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Naira Watch

Naira recovers at official and black markets



Naira continues free fall against U.S dollar

Nigerian currency put up a good performance on Tuesday at both Investors and Exporters window and the parallel market as it appreciated by 25 kobo and N4 respectively.

According to data from FMDQ securities where Naira is officially traded, Nigerian currency against the United States Dollar closed at

N416.00/$1 compared with N416.25/$1 it was traded at the previous session.

This happened as dollar demands by participants dropped by 7.7 per cent or $8.73 million.

Data showed transactions worth $104.92 million were performed at the market segment on Tuesday in contrast to the $113.65 million worth of trades executed the previous day.

At the other official market, the interbank window, the local currency depreciated against the US currency by 18 kobo on Tuesday to sell at N414.44/$1 versus the preceding day’s N414.44/$1.

Also against the Pound Sterling, the domestic currency depreciated by 70 kobo to close at N563.02/£1 compared with Monday’s value of N562.32/£1.

Read also: Naira records first loss of 2022 to US dollar

Against the Euro, the Naira lost 99 kobo as it closed at N470.02/€1 in contrast to the previous rate of N469.03/€1.

Meanwhile the Naira recorded a significant increase in value against the US dollar at the parallel market.

Nigerians who visited traders in Okota, Surulere and Ikotun areas in Lagos bought the dollar at N565 compared to N572- N573 it exchanged on Monday and also Friday last week.

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