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Naira Watch

Naira reverses gain, drops to N418.50/$1 at official market

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Naira exchanges for N562 per dollar, as CBN moves to stop the slide

Nigeria’s currency, reversed its last two trading gains against the dollar, closing at N418.50/$1 on Tuesday at the official market.

Naira had on Friday last week and Monday closed stronger to the US dollar in response to the Central Bank of Nigeria’s (CBN’s) stance on continuing intervention in the forex market.

However, it could not make it three trading days lucky as MDQ securities data showed the Naira closing rate on Tuesday was a N1.2 drop in value when compared to Monday’s closing rate of N417.30 to a dollar.

Read also: Again, Naira appreciates against the U.S dollar, as CBN increases forex supply

The official market performance of the Naira happened as the forex supply declined drastically by 62.40 per cent to $109.43 million compared to the forex supply of $291.09 million on Monday.

It was a different story for Naira against the British Pounds and Euro as it again appreciated.

CBN data shows Naira to Pounds closed at N527.6/£1 as against N530.54/£1 on Monday.

Another Massive gain for the Nigerian currency against the Euro as it closed at N444.03/€1 in contrast to the N447.30/€1 quoted rate of Monday.

However, the domestic currency remained unchanged against the greenback in the peer-to-peer (P2P) FX market segment at N586/$1.

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