Naira Watch

Naira reverses loss against US dollar at official market

Published

1 year ago

March 9, 2023

The Naira closed stronger against the United States Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Wednesday.

Data from FMDQ securities exchange showed that naira closed at the end of trading at N461.25 to a dollar.

This represents 0.05 percent or 25 kobo exchange rate improvement compared to the preceding day’s rate of N461.50/$1.

FMDQ also reported that participants which are majorly investors and exporters, including banks transacted a total of $115.58 million, which is 29.96 percent or $49.43 million lower than the $165.01 million recorded during Tuesday trading session.

Also, in the peer-to-peer (P2P) market segment, the Nigerian currency gained N5 against the greenback yesterday to settle at N755/$1, in contrast to the previous day’s N760/$1.

It was the same scenario at the black market, where the local currency appreciated against the US Dollar yesterday by N3 to quote at N746/$1, in contrast to the N749/$1 it was exchanged on Tuesday.

Naira also recorded a good performance against the British pounds sterling in the interbank segment of the forex market.

CBN data showed that Naira closed the midweek session against Pounds by N7.35 to close at N545.89/£1 versus Tuesday’s trading value of N550.11/£1.

Also, against the Euro, the Nigerian currency strengthened by N3.35 to end at N485.92/€1 versus N489.27/€1.

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