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Naira Watch

Naira value wobbles against foreign currencies

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Nigerian currency made a slight recovery against the American dollar at the official exchange market.

Data from FMDQ securities showed that Naira on Friday, 25, March 2022 increased in value to US dollar by 0.08 per cent or 67 kobo to N416.33 a dollar, compared to the previous trading day N417/$.

This happened as the market witnessed forex supply to the tune of $119.64 million.

Naira also appreciated against the British Pound Sterling at the spot market on Friday by 49 kobo to quote at N549.29/£1 compared with the previously traded rate of N549.78/£1.

However, it was a different scenario against the Euro as it lost N1.06 to sell at N458.52/€1 in contrast to the preceding session’s value of N457.46/€1.

Read also: Naira appreciates as CBN takes out $975.7m from external reserves to defend currency

This was also the same result at the black market as Naira suffered a decline against the American Dollar at the Peer-2-Peer (P2P) segment of the foreign exchange (forex) market on Friday, losing 0.52 per cent or N3 to sell for N588/$1 compared with N585/$1 it was sold on Thursday.

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