Naira appreciates against Dollar at official, parallel market

The Naira had a breather on Thursday, October 6th as it appreciated against the United States after two straight days of losses at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.

FMDQ securities data showed that the local currency increased in value after Thursday’s trade to close at N436.63 to a dollar from N437.50/$1 quoted the previous day.

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Naira’s appreciation comes as the dollar supply to the official window increased to above $100 million compared to $70.42 million during the mid-week session.

Also, at the black market, the value of the local currency also appreciated to the dollar to trade at N730/$1 in contrast to N735/$1 on Wednesday.

CBN, at its last Monetary policy meeting, which increased the interest rate to 15.5%, promised that the aggressive rate hike would slow capital outflows and likely attract capital inflows and appreciate the naira.