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Naira Watch

Naira resumes from Easter break with good performance against foreign currencies



Naira continues free fall against U.S dollar

After two sessions of suspended trading over the Easter holidays, the Naira returned stronger as it appreciated against the US dollar.

Data from FMDQ securities shows Naira increased in value on Tuesday by 0.12 per cent or 50 kobo to close N417.00/$1 compared with the exchange rate of N417.50/$1 before the Easter break on Thursday.

The market data also showed increased liquidity for Investors and Exporters who exchanged $155.44 million.

Read also: Naira hits N596/$1 at black market, as traders begin hoarding

Similarly, Naira increased in value by N1.28 against the Euro to close at N449.32/€1 in contrast to the previously quoted rate of N450.60/€1.

But it was a different story against the Pound Sterling at the official FX window as Naira depreciated by 91 kobo to sell at N541.79/£1 compared to the previously traded rate of N540.88/£1.

On the black market, the Naira had a pretty decent day, with dealers dropping their asking price for a dollar below N590.

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