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Naira Watch

Naira starts the week at N461.50 official rate



The Nigerian currency gained on the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Monday.

Data from FMDQ securities showed that the value of the local currency on Monday appreciated by 0.09 percent or 40 Kobo against the dollar to N461.50/$1 from last Friday’s value of N461.90/$1.

The strengthening of the Naira happened despite a surge in the demand for forex by 175.1 percent or $126.42 during the session.

It was revealed that participants’ FX transactions were worth $198.60 million compared with the $72.18 million achieved in the last session.

READ ALSO:Naira gains on dollar across fx market windows

However, it was a different story at the Peer-to-Peer window where the Naira lost N5 of its value against the Dollar on Monday to trade at N757/$1, in contrast to the previous session’s rate of N752/$1.

Likewise, in the parallel market, the domestic currency was weakened against the US Dollar by N2 to sell for N743/$1, in contrast to the previous trading day’s rate of N741/$1.

At the interbank segment of the market, the Naira lost against Pound Sterling yesterday by N2.89 to settle at N554.07/£1 versus N551.18/£1 and depreciated by N3.97 on the Euro to quote at N491.72/€1 versus N487.75/€1.

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