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Naira Watch

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

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Naira closes strong against U.S dollar on Tuesday

Nigerian currency kicked off the new week on a low as it depreciated against the dollar at the Investors and Exporters window, the official foreign exchange market.

According to FMDQ securities data, Naira’s value decreased by 0.06 per cent to close at N436.50 on Monday compared with the N436.25 it exchanged for the dollar before the close of business on Sept. 16.

Read also: Naira records very little gain as forex supply jumps by 79.23%

On Monday, participants at the market bought the dollar for as high as N437.10, the highest rate recorded within the day’s trading, while N434 was the lowest before it settled at N436.50

Naira’s poor performance happened as a total of $41.02 million was traded by participants at the I&E window.

Similarly, at the black market, Naira recorded more depreciation on Monday, trading at a minimum of N707/$1 compared to N700/$1 recorded on Friday.

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