Connect with us


Naira remains at 415.07 to $1 as demand pressure eases



FOREX: CBN injects N273m into retail secondary market

The Naira remained unchanged against the United States Dollar after Monday trading activities at the Investors and Exporters (I&E) window.

Data obtained from FMDQ securities showed the Nigerian currency closed on Monday, at N415.07/$1 for a third consecutive trading day.

The stability was maintained by the Naira as pressure coming from the demand for FX at the market segment eased yesterday amid the launch of eNaira.

During the trading session on Monday, the value of transaction at the FX window stood at $90.36 million as against the $240.97 million achieved at the previous trading day, indicating a decline by 62.5 per cent or $150.61 million.

Read also: Naira extends gain at official market, as foreign reserve crosses $40bn mark

However, at the interbank segment of the market, the domestic currency depreciated further.

Data obtained from the Central Bank of Nigeria showed Naira dropped in value by 3 kobo to the U.S dollar to exchange at N410.99/$1 compared to N410.96/$1 it traded last Friday.

While at the black market, traders dropped their rate N560 to a dollar on Monday, according to traders who spoke to Ripples Nigeria at Surulere and Ikeja.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

seven + six =