Naira appreciates against Dollar as demands slow down

The value of naira, which reflects the cost of one dollar, closed positive across foreign exchange markets as demand slowed significantly.

At the black market, Naira closed Thursday trade at N765 to a dollar with traders revealing that there was low demand for foreign currencies amid cash crunch.

Also, in the Peer-2-Peer (P2P) arm, the local currency appreciated against the American currency by N1 during the session to close at N770/$1 versus Wednesday’s value of N771/$1.

At the Investors and Exporters (I&E) market, the official forex window, Naira appreciated marginally gaining 0.06 percent against the dollar.

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The dollar was quoted at N461.33 on Thursday as against the last close of N461.60 on Wednesday at the Nigerian Autonomous Foreign Exchange Fixing (NAFEX).

Most currency dealers who participated at the foreign exchange auction on Thursday maintained bids between N446.00 (low) and N462.01 (high) per dollar, data from the FMDQ indicated.

The foreign exchange market daily turnover increased by 56.22 percent to $110.27 million on Thursday from $48.28 million recorded on Tuesday.

Also, in the Peer-2-Peer (P2P) arm, the local currency appreciated against the American currency by N1 during the session to close at N770/$1 versus Wednesday’s value of N771/$1.

In the interbank window, the Naira also appreciated against the Pound Sterling by N1.76 to close at N555.06/£1 compared with the preceding session’s N557.82/£1.

Against the Euro, the domestic currency gained N2.06 to quote at N489.01/€1 versus Wednesday’s N491.07/€1.