Naira reverses gain, weakens at official market

The naira weakened against the United States dollar on Wednesday, reversing part of the gain it had recorded the previous day.

FMDQ securities reports that the Investors and Exporters (I&E) window of the foreign exchange market increased on Wednesday, September 21, by 25 Kobo or 0.06 per cent to trade at N436.50/$1 compared with the previous day’s N436.25/$1.

The Naira fell in value as transactions at the I&E window dropped by 5.3 per cent, or $7.54 million, to $133.97 million on Wednesday from $141.51 million recorded the previous day.

However, in the black market, the local currency appreciated against the greenback by N1 yesterday to sell at N712/$1 compared with the preceding session’s N713/$1.

Read also: Naira starts new week on a low, as FX supply drops further

Also, in the Peer-to-Peer (P2P) forex window, the value of the Nigerian currency appreciated against the US Dollar by N5 to quote at N725/$1 in contrast to the N730/$1 it was sold a day earlier.

Against the Pound Sterling, the Naira was strengthened by 72 Kobo to wrap up at N488.59/£1 versus Tuesday’s N489.31/£1 and against the Euro, the Nigerian currency improved by N2.83 to settle at N426.75/€1 versus N429.58/€1.

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