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Naira Watch

Naira sustains gain at official market, as forex supply increases by 5.8%

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Naira exchanges for N562 per dollar, as CBN moves to stop the slide

On the second trading day of the year, the exchange rate between the naira and the US dollar closed at N416/$1, at the Investors and Exporters window, where forex is traded officially.

Wednesday’s closing rate was a 1.58 per cent or N6.67 appreciation when compared with N422.67/$1 it was traded on Tuesday.

During Wednesday trade dollar supply to the 1 & E window increased by 5.4 per cent or $5.88 million as participants exchanged $114.95 million as against $109.07 million on Tuesday.

Read also: Naira value rises against US dollar after Christmas holiday

But at the interbank segment of the forex market, the domestic currency recorded a downward movement against the American Dollar by 12 kobo as it was exchanged at N413.79/$1 in contrast to N413.67/$1 of the last session.

Also, the Nigerian currency depreciated against the Pound Sterling by N2.45 to close at N560.44/£1 in contrast to the previous rate of N557.99/£1.

Against the Euro, the Naira depreciated by N1.5 to sell for N468.33/€1 compared with N466.33/€1 of the preceding session.

The black market trader exchanged Naira to the dollar at N473.

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