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Naira Watch

Naira trades at N416/$1 after 0.06% rise



Naira continues free fall against U.S dollar

Nigerian currency recovered against the United States dollars at the Investors and Exporters (I&E) segment of the foreign exchange market window.

According to data from the FMDQ Securities Exchange, the Naira was traded at N416 to a dollar on Friday January 7. This is a 25 kobo or 0.06 increase compared with N416.25 to a dollar it was transacted on Thursday last week.

Naira increase in value happened as the total value of forex transacted by investors stood at $113.65 million, 1.1 per cent or $1.3 million lower than the $114.95 million carried out a day earlier.

The interbank segment of the FX market indicated that the local currency depreciated against the American currency by 35 kobo or 0.08 per cent on Friday to settle at N414.14/$1 compared with N413.79/$1 it traded on Thursday.

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

Also, the domestic currency declined against the Pound Sterling yesterday by 60 kobo to sell at N561.12/$1 versus the preceding day’s value of N560.44/$1.

While against the Euro, the Nigerian currency, however, appreciated by 29 kobo to sell at N468.02/€1 in contrast to N468.31/€1 of the preceding session.

Naira to the dollar at the black market closed Friday trade at N573/$1.

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