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Naira Watch

Naira sells for N414.73/$1 at official market

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Naira closes strong against U.S dollar on Tuesday

Nigerian currency exchange rate to the U.S dollar remained unchanged as it closed N414.73/$1 at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Thursday, November 11.

This was the same rate it closed on Wednesday, November 10 at the specialized window.

Naira’s unchanged rate occurred despite a drop in dollar supply in the market.

Data from FMDQ securities shows that participants at the I&E window exchanged a total transaction worth $82.01 million which is 73.2 percent or $224.23 million lower than the $306.24 million carried out at the preceding session.

However, it was not a similar situation at the interbank segment of the forex market as the domestic currency depreciated against the Dollar by 2 kobo to trade at N411.39/$1 in contrast to N411.37/$1 it was traded on Wednesday.

Read also: Big win for Naira at black market as speculators lose billions

But the local currency appreciated against the British Pound Sterling by N7.13 at the same market window yesterday to sell for N551.22/£1 compared to the preceding day’s N558.35/£1.

The Nigerian currency equally appreciated against the Euro on Thursday by N4.50 to quote at N471.91/€1 in contrast to N476.41/€1 it was traded at the previous trading day.

Black Market traders also retained their rate at N535 and N538 for a U.S dollar on Thursday.

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