Nigerian Naira appreciates again at official market
The value of Nigerian naira rose for the second day in a row despite a decline in demand for US dollars.
According to checks, the Naira strengthened against the US dollar on Wednesday in the foreign exchange (FX) market’s Investors and Exporters (I&E) and Peer-2-Peer (P2P) windows.
The native currency increased 33 Kobo or 0.07 percent to settle at N461.17/$1 in the I&E market, which serves the FX requirements of business owners, compared to the exchange rate of N461.50/$1 on Tuesday.
Yesterday’s spot market turnover was $55.52 million, 25.6 percent or $19.06 million less than the $74.58 million transacted in the previous day. This helped the local currency strengthen.
Similarly, in the peer-to-peer segment of the foreign exchange market, the local currency increased against its American counterpart by N1 yesterday, settling at N760/$1, as opposed to N761/$1 it was exchanged the day before.
Additionally, on the black market, the Nigerian Naira closed N1 stronger than the US Dollar to trade at N749/$1 as opposed to N750/$1 on Tuesday.
However, in the interbank window, the local currency depreciated against the British pound by N2.47 to conclude the day at N557.87/£1 as opposed to N555.40/£1, and it appreciated against the euro by 96 Kobo to complete the day at N495.36/€1 as opposed to N496.32/€1 on Tuesday.