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Naira Watch

Naira reverses gain at I&E window, as forex supply drops by 12.9%

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Nigeria’s currency on Wednesday reversed the gains made to the U.S dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex).

Data from FMDQ securities showed Naira depreciated on Wednesday against the US Dollar by 27 kobo or 0.06 percent to close at N415.07/$1 in contrast to N414.80/$1 it was traded at the previous session.

This happened as forex supply to the market went down by 12.9 percent or $36.03 million as the value of trades stood at $243.34 million in contrast to the previous day’s turnover of $279.37 million.

However, it was good news for Naira at the interbank segment on Wednesday as it closed stronger against the American currency with a gain of one kobo to trade at N411.63/$1 compared with N411.64/$1 it quoted a day earlier.

Read also: Naira value rises to U.S dollar at official market

Also, the Naira appreciated against the British Pound Sterling on Wednesday by 38 kobo to trade at N549.69/£1 versus the preceding session’s N550.07/£1 and gained N1.65.

Naira against the Euro closed Wednesday at N461.44/€1 compared with N463.09/€1 of the previous day.

At the black market Naira exchange rate to the dollar remained at N562/$ according to traders who spoke to Ripples Nigeria.

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