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Naira Watch

Naira starts week with a gain to the dollar



Naira closes strong against U.S dollar on Tuesday

Nigerian currency started the second week of December with a smile after gaining to the U.S dollar at the last session of the official market.

On Friday, the Naira appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market by 0.02 percent or 7 kobo.

Data showed that the local currency was sold for N414.73/$1 at the investors’ window yesterday compared with the N414.80/$1 it traded on Thursday.

This happened as the forex turnover recorded was $103.01 million against $139.67 million achieved at the preceding session, indicating a $36.66 million or 26.62 percent decline.

At the interbank market, data from the Central Bank of Nigeria shows Naira traded lower in value.

CBN put the exchange rate of the Naira to the United States currency on Friday at N411.74/$1 versus the preceding day’s N411.70/$1.

Read also: Naira value rises against U.S dollar

This indicates a depreciation of 4 kobo.

While against the British Pounds, Naira appreciated by N2.17 to settle at N546.26/£1 compared to N548.43/£1.

Naira also appreciated against the Euro at the same market segment by 57 kobo to trade at N465.68/€1 compared to the preceding day’s N466.25/€1.

A black market trader who spoke to Ripples Nigeria said he exchanges one dollar at N566.

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