Despite demand pressure, the Nigerian currency outperformed the US Dollar on Wednesday at the Investors and Exporters (I&E) window of the foreign exchange (FX) market.
According to data from the FMDQ Securities Exchange, Nigerian currency appreciated by 8 kobo or 0.02 per cent during the session to close at N416.25/$1 in contrast to N414.33/$1 it ended at the preceding trading day.
The data showed that during the mid-week trading, Naira was pressured to N444/$ before it recovered.
The pressure came as demand for forex rose by $27.61 million or 28.9 per cent to $123.13 million on Wednesday compared to $95.52 million recorded the day before.
However, despite facing an FX demand pressure, the local currency came out stronger.
However at the interbank segment of the market, the Nigerian currency maintained stability against the greenback as its value remained unchanged at N415.82/$1 at the close of transactions.
Read also: Naira records gain after two days of losses
It was a similar scenario for the domestic currency at the same interbank segment yesterday against the Pound Sterling as the rate remained intact at N558.86/£1.
The situation was also not different with the Euro as the Naira made no movement, closing at N468.71/€1.
Black market traders also retained the N575 exchange rate on Wednesday according to traders at Okota, Ikotun and Ikeja area of Lagos who spoke to Ripples Nigeria.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: Illegal miners degrade Ekiti community, engage in child labour
The activities of illegal miners in a community in Ekiti State have caused degradation of the environment, as miners engage...
SPECIAL REPORT: Inside the illegal trading of forest woods in Cross River community
“With a N20,000 bribe, an external buyer can influence the youth in host communities , Cross River State, to cut...
SPECIAL REPORT: Enugu govt watches as waste takes over state, threatens public health, environment
In this report, Arinze Chijioke looks at how delays in evacuation of waste in Enugu State encourages indiscriminate waste disposal, its health implications, and how...
INVESTIGATION: NDDC awards N1bn road contract to poultry farm
The Niger Delta Development Commission (NDDC) in what appears a breach of procurement laws, awarded a contract worth N1.028 billion...
FEATURE… Hard job, low income: Agony of Nigerian commercial drivers
Amid increase in fuel price over the years, coupled with bad roads and insecurity in Nigeria, many commercial drivers have...