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Naira Watch

Naira starts November at N415.10 to one dollar



Naira closes strong against U.S dollar on Tuesday

The value of Naira will open the new month against the U.S dollar at N415.10 amid a low trading activity in the previous session.

Data obtained from FMDQ securities showed at the Investors and Exporters (I&E) window of the foreign exchange (FX) on Friday 29, October that the Naira closed at N415.10/$1 the same rate it ended Thursday trading session.

This happened as the value of transactions by exporters and investors dropped to $93.71 million in the last trading session compared to the $263.70 million transacted on Thursday.

What this means is that FX demand at the last trading day of the week on I&E depreciated by 64.5 percent or $169.99 million.

Read also: Naira continues fall against U.S dollar at official market

However, at the interbank market, U.S dollar increased in value to Naira to close at N411.09/$1 as against N411.06/$1, it closed on Thursday.

Nigeria’s currency also depreciated by 75 kobo against the British Pound Sterling to exchange for N565.29/£1 compared to the previous session at N564.54/£1.

There was however respite for Naira against Euro as it gained 36 kobo to sell for N476.67/€1 in contrast to N477.03/€1 it traded on Thursday.

For the black market, traders at Ajao Estate, Lagos told Ripples Nigeria on Monday morning that Naira exchanged at N563/1.

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