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Naira Watch

Naira regains some lost value



There was relative ease for the Naira against the US Dollar across the various segments of the foreign exchange (FX) market on Thursday after going through a losing streak triggered by speculative demand.

Checks by Ripples Nigeria revealed that the value of the Naira improved against the United States Dollar at the Peer-to-Peer (P2P), Investors and Exporters (I&E), and the parallel market segments of the foreign exchange (forex) market.

At the I&E window where Naira is officially traded, the Naira increased marginally by 8 Kobo or 0.02 per cent gain against the dollar to close at N456.25/$1 compared with the previous rate of N456.33/$1.

According to data from FMDQ Securities Exchange this happened as the value of forex transactions dropped by 70.5 per cent or $266.11 million to $111.37 million from the preceding day’s $377.48 million.

READ ALSO:CBN reveals security features of new naira notes as fakes circulates

In the P2P forex window, the value of the Nigerian currency rose against the US Dollar yesterday by N15 to quote at N763/$1 compared with Wednesday’s rate of N778/$1.

In the parallel market, the exchange rate of the Naira to the American Dollar was strengthened by N2 as it closed at N744/$1, in contrast to the midweek session’s value of N746/$1.

In the interbank segment, the Naira witnessed no movement against both the Pound Sterling and the Euro as the exchange rate remained intact at N541.25/£1 and N474.40/€1, respectively

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