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Naira Watch

Naira starts November at N415.10 to one dollar

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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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