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Naira Watch

Naira unable to sustain gain, falls by 0.18% against US dollar



Naira falls by N2 as CBN promo fails to stop depreciation

Nigerian currency weakened on Tuesday against the US dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.

A day after recording an impressive gain to the American currency.

Data from FMDQ securities on Tuesday showed Naira closed at N414.80/$1, 74 kobo or 0.18 per cent weaker when compared to N414.06/$1 it was traded at the previous session.

The Naira’s weak performance occurred despite a significant rise in forex supply to the I & E window to $377.88 million from $121.45 million from Monday.

Read also: Naira bounces back after days of being battered at the official market

However, at the interbank window, the Nigerian currency swayed towards the stronger side against the American currency as it gained 3 kobo to trade at N411.73/$1 compared with the N411.76/$1 it quoted a day earlier.

But the Naira was not too lucky against the Pound Sterling yesterday as it depreciated by N2.39 to trade at N545.95/£1 versus the preceding session’s N543.56/£1 and dropped 42 kobo.

It traded against the Euro to close the day at N464.51/€1 compared with N464.09/€1 of the previous day.

At the black market, traders interviewed by Ripples Nigeria put Naira to dollar exchange rate at N572/$ on Wednesday morning.

This was an increase from N569 it traded on Monday following the row between the Nigerian government and United Arab Emirates.

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