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Naira Watch

Naira value appreciates by 1.3% against US dollar as forex supply rises

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

For the first time in three days, the Nigerian currency appreciated to the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.

Data from FMDQ securities where forex is officially traded showed Naira appreciated against the United States Dollar on Tuesday by 0.31 per cent or N1.33 to close at N419.00/$1 compared with Monday’s rate of N420.33/$1.

The appreciation in the value of the Naira happened amid a slight increase in FX transactions at the investors’ window by $87.06 million, 1.3 per cent or $11.81 million higher than the $75.25 million achieved in the preceding trading day.

Read also: Naira records slight recovery at official market, sells at N419.02/$1

Naira also recorded a great performance against British Pounds but dropped in value to Euro.

CBN data shows Naira gained N3.07 against the Pound Sterling to trade at N519.77/£1 in contrast to the previous day’s N522.84/£1.

While against the Euro it fell by N2.70 to settle at N445.65/€1 compared with the N442.95/€1 it was transacted on Monday.

At the peer-to-peer (P2P) market segment, it was a good day as the Naira appreciated against the Dollar by 0.16 per cent or N1 to N617/$1 from the N618/$1 on Tuesday.

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