Naira value rises by 0.74% against US dollar at official market

Nigerian currency on Wednesday increased in value to the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market by 0.74 per cent or N3.17.

According to data obtained from FMDQ Securities Exchange, the official exchange market, Naira was sold for N424.58/$1 yesterday compared with the preceding session’s N427.75/$1,

This happened as forex supply to the market rise by $60.84 million, higher than the $48.67 million achieved in the preceding session, representing a $12.17 million or 25.0 per cent rise.

Read also: Naira starts week positive as black market traders take advantage of holidays

However, at the Peer-to-Peer (P2P) segment of the forex market yesterday, the Naira closed flat against the US Dollar at N623/$1 and in the black market, it depreciated by N1 to settle at N618/$1 in contrast to the previous day’s N617/$1.

In the interbank window, the value of the domestic currency against the British Pound Sterling remained unchanged at N498.83.65/£, and against the Euro, it also closed flat at N427.93/€1.

Join the conversation

Opinions

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.

Donate Now