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Naira starts independence celebration strong

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Naira exchanges for N562 per dollar, as CBN moves to stop the slide

The Nigerian currency is starting the week strong after recording an impressive gain to the U.S dollars before the independence celebration break.

According to data from FMDQ securities, Nigerian currency recorded a gain of N1.35 or 0.33 per cent against the US dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Thursday, September 30, 2021 to close at N413.38/$1.

Nigeria’s official exchange rate to the U.S dollar is pegged to what happens at the I&E window.

Thursday last week trade comes on the back of two consecutive days of losses to the American currency.

Read also: One step forward, three steps backward for Naira against U.S dollar at official market

Ripples Nigeria observed that trades valued at $141.13 million were carried out at the session compared with the $467.56 million executed at the preceding trading day, indicating a decline by 69.8 per cent or $326.43 million.

However, at the interbank window the rate charged between banks, Naira on Thursday, September 30, 2021 traded against U.S dollar at N410.8/$1, the same rate from the previous session.

While to the Euro, Naira exchanged at N475.62 and one British Pound at N552.73.

Nigerians who will be visiting the unregulated market, due to easy access to foreign currency, a check by Ripples Nigeria shows traders at Ikotun opening the new week at N578/$1.

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