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Naira Watch

Naira to dollar exchange rate stable as dollar supply rises

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At the Investors and Exporters (I&E) window of the foreign exchange market, the Nigerian Naira ended Monday trading at the same rate as last week.

According to FMDQ securities data the value of the Naira ended Monday at N415.07/$1.

This came despite a spike in the demand for forex at the spot market yesterday with the value of transactions rising by 19.1 percent or $41.22 million to $256.69 million from the $215.47 million achieved last Friday.

Also, at the interbank segment of the market, the Nigerian Naira further closed flat against the American currency on Monday at N411.64/$1.

Read also: CBN defends Naira with $2.1bn to halt further depreciation

However, the domestic currency depreciated against the Pound Sterling on Monday by 82 kobo to sell at N549.37/£1 compared to the last session’s N548.55/£1.

Naira also lost N2.75 against the Euro to trade at N464.82/€1 compared with N462.07/€1 it traded at the preceding session.

Traders on the black market told Ripples Nigeria that Nigerian currency gained N2 to end Monday trade at N560 to a dollar compared to the N562/$ it ended last week.

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