Naira appreciates against US dollar across FX markets

Nigeria currency recorded a good day on Monday against the United States currency as it appreciated across all foreign exchange markets.

At the official market, data obtained from FMDQ securities showed the local currency gained 42 Kobo or 0.09 per cent against the greenback to trade at N461.33/$1 versus the previous session’s exchange rate of N461.75/$1.

The Naira regained strength despite coming under heavy FX demand pressure.

It was observed that the value of forex transactions recorded in the I&E segment surged by 59.85 per cent or $40.44 million to $108.01 million from $67.57 million.

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In the parallel market, the Nigerian currency gained N4 against the US Dollar yesterday to quote at N748/$1, in contrast to last Friday’s rate of N752/$1.

Also, in the peer-to-peer segment, the domestic currency was strengthened against its American pair by N9 to settle at N755/$1 compared with the preceding session’s value of N764/$1.

But in the interbank segment, the Naira closed flat against the Pound Sterling and the Euro on Monday at N553.24/£1 and N489.27/€1, respectively.

This is coming on the heels of reports that banks have commenced payment of old naira notes to customers in the wake of a judgment by the Supreme Court that the naira redesign policy, and the deadline set was a violation of the 1999 constitution.