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Naira Watch

Naira starts 2022 positive after CBN devalued Naira for nine straight years



Naira continues free fall against U.S dollar

The first trading session at the Investors and Exporter market was a good one for Nigeria’s currency, Naira against the US dollar after heavy devaluation before the close of 2020.

Data from FMDQ securities showed Nigerian currency closed Tuesday trade with a 2.84 percent gain to N422.67.

The Central Bank of Nigeria (CBN) before the end of the year devalued the Naira at the spot market to N435/$1.

A move which it had taken in the last nine years in a bid to have a unified exchange rate in the country.

Tuesday’s positive naira performance happened amid a decline in pressure as the turnover for the session went down by 27.4 per cent or $41.19 million to $109.07 million from $150.26 million.

Read also: Naira finally submits to pressure, falls heavily at exchange markets

However, at the interbank segment of the market, the Nigerian currency depreciated by 18 kobo against the American currency to settle at N413.67/$1 compared with the preceding session’s N413.49/$1.

The same scenario played out with the Pound Sterling at the interbank segment as the Naira declined by 90 kobo to trade at N557.99/£1 versus the previous N557.09/£1 and against the Euro, the domestic currency appreciated by N1.24 to sell for N466.83/€1 compared to N468.07/€1 of the prior session.

Black market traders were yet to react to the devaluation of Naira as a dollar exchanged at between N570 and N575.

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