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Naira Watch

Naira value rises against US dollar after Christmas holiday



Nigerian currency returned from the Christmas holiday stronger against the US Dollar on Wednesday, gaining 10 kobo or 0.02 per cent at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.

Data obtained from FMDQ securities where Naira is officially traded showed that Nigerian currency closed yesterday at N415.00/$1 compared with N415.10/$1 it exchanged on the eve of Christmas holiday.

Naira strengthened on the back of a 29.1 percent or $49.14 million fall in the value of transactions to $119.48 million as against the $168.62 million recorded at the previous session.

Read also: Naira gains at official market as demand for dollar eases further

However, at the interbank segment of the market, the Nigerian Naira recorded a flat outcome against the American currency to finish at N411.95/$1.

In the same vein, the domestic currency closed flat against the Pound Sterling and the Euro on Wednesday at the same forex market window at N552.75/£1 and N466.82/€1 respectively.

Meanwhile, black market traders at Okota, Isolo and Ikeja areas of Lagos State retained dollar to Naira exchange rate at N565 on Wednesday.

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