The Nigerian naira took a breather on Tuesday, September 25, as it appreciated against the US dollar in the first session of the week at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.
Despite the severe dollar shortage, the local currency increased by 0.10 percent to close at N436.04/$1 as opposed to the N436.50/$1 it was traded at the spot market last Friday.
Naira appreciation coincides with a 16% decrease in the dollar supply at the official window.
According to FMDQ Securities Exchange data, the total trade on Tuesday stood at $83.71 million from $99.78 million recorded on Monday.
At the black market, the value of the local currency also appreciated to the dollar by N2 or 0.28 per cent to trade at N703/$1 in contrast to N705/$1 on Monday.
While in the interbank segment of the market, the Naira witnessed a downward movement against the Euro to close at N436.48/€1 compared to N435.11/€1 on Monday.
Also against the Pound Sterling, the value of Naira depreciated to N502.95/£1 from N501.36/£1 it exchanged on Monday.
Discussion about this post