Naira continues to rise on the official market as dollar declines
At the official market on Thursday, the Naira’s strong performance versus the US dollar was continued.
The naira strengthened versus the dollar by 7 kobo, or 0.02 percent, to trade at N461.10/$1, down from N461.17/$1 the day before, according to data from FMDQ securities, where the naira is legally traded.
This occurred as the value of FX transactions decreased from the $55.52 million reported on Wednesday to $40.24 million by 27.5 percent, or $15.28 million.
However, yesterday at the Peer-to-Peer (P2P) window of the market, it decreased by N3 to settle at N763/$1 as opposed to N760/$1 the day before.
Additionally, on the parallel market, the local currency lost N2 against the US dollar, trading at N751/$1 as opposed to N749/$1 on Wednesday.
The local currency lost 76 Kobo versus the Euro, closing at N496.12/€1, down from the N495.36/€1 it closed during the midweek session. It also lost N2.37 against the pound sterling, falling to N560.24/£1 from N557.87/£1 the day before.