Naira value rises by 0.02% against US dollar

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.

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