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Naira Watch

Naira starts week with 1.7% gain against U.S dollar

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FOREX: CBN injects N273m into retail secondary market

The naira is off to a strong start this week after reversing losses to the US dollar on the last trading day of last week.

Data from FMDQ securities exchange shows on Friday Naira claimed a massive gain of N7 or 1.7 percent against the U.S dollars at the Investors and Exporters (I&E) window assuaging fears that the currency was heading to another unwanted record

Naira had during last week fell to a record low to the U.S dollar following comment from Vice President Yemi Osinbajo at the Economic Sustainability Plan (ESP) meeting.

He said, “We need to move our rates to [be] as reflective of the market as possible. This, in my own respective view, is the only way to improve supply,” which many analysts interpreted as a call for devaluation.

But following a rebuttal from the office of the Vice President, on Friday, 15 October, Naira returned to N415.07/$1 in contrast to N422.07/$1 it traded the previous day.

Read also: Naira records historic collapse against U.S dollar

Also, at the final session of last week, a turnover worth $337.28 million was recorded as against $141.94 million recorded on Thursday.

This indicated a $195.34 million or 137.6 percent surge in the daily turnover of the specialised market that caters to the country’s investors and exporters.

However, at the interbank market, Nigerian currency remained unchanged against the American Dollar at N410.91/$1.

The uncertainty of rates remained in the black-market which was put within N565 to N570 for a dollar on Monday morning according to traders at Ikotun and Ikeja who spoke to Ripples Nigeria.

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