Naira Watch
Naira reverses gain to close at N430 at official market
The Naira witnessed a fall against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Thursday.
Data obtained from FMDQ securities the official exchange market showed that at the close of trading on Wednesday, the local currency lost 56 Kobo or 0.13 percent against the dollars to close at N430.00/$1 in contrast to the previous day’s value of N429.44/$1.
The weakening Naira occurred despite a decline in the demand for forex at the official market as the value of trades decreased by 31.8 percent or $34.79 million to $74.68 million from the preceding session’s $109.47 million.
Read also: Naira gains against US dollar at official, black market
However, the Naira maintained stability against the Dollar in the Peer-to-Peer market segment yesterday as it remained unchanged at N712/$1.
In the parallel market, the Nigerian currency appreciated against its American counterpart by N1 to sell for N700/$1 compared with Wednesday’s rate of N701/$.
Meanwhile, In the interbank window, the Naira also gained against the Pound Sterling by N2.59 as it was sold at N491.55/£1 versus the midweek’s session’s N494.14/£1.
Naira also strengthened against the Euro at the same market window yesterday by 24 Kobo to N425.09/€1 from N425.33/€1.
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