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

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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