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Naira Watch

Naira value rises against U.S dollar



Naira continues free fall against U.S dollar

The Naira to dollar exchange rate has changed for the first time in five days, with the Nigerian currency coming out on top.

Data from FMDQ showed Nigerian currency recorded a marginally gain to close Thursday trade at N414.80 to a dollar at the Investors and Exporters Window.

This implied a N0.27 or 0.06 percent appreciation when compared to the N415.07 rate to a dollar it stood since November 24.

Read also: Naira maintains stability against dollar at I&E, but at a cost

This happened as forex supply to the market dropped to $139.67 million compared to $223.18 million.

At the black market, currency dealers who spoke to Ripples Nigeria said Naira exchanged at N565.00 and sold at N570.00 to a dollar on Thursday.

Most of the traders blamed the increased difficulty of getting dollar as the reason Naira collapsed to N570/$.

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