Naira value rises to U.S dollar at official market

Nigerian currency recorded a slight gain against the U.S. dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Tuesday.

Data obtained from FMDQ securities the official exchange market showed Naira gained 27 kobo or 0.06 percent to settle at N414.80/$1 in contrast to N415.07/$1 it closed on Monday.

This occurred as Forex supply increased by 87.00 percent with $279.37 million recorded at the close of business Tuesday against the $149.53 million posted at the close of trading in the previous session on Monday.

However, it was a different story at the interbank segment, where the local currency suffered a one kobo loss against the American currency to trade at N411.64/$1 compared with the preceding session’s N411.63/$1.

Read also: Naira appreciates at official market, opens week at N414.40/$1

But it gained N3.32 against the British Pound Sterling to quote at N550.07/£1 versus Monday’s value of N553.39/£1 and appreciated by N1.06 against the Euro to sell at N463.09/€1 compared with N464.15/€1.

Also, Black Market traders who spoke to Ripples Nigeria confirmed Naira exchanged at N562 on Tuesday compared to the N560 it opened the week.

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