Naira appreciates as daily FX turnover transactions increase

The Nigerian currency, the Naira, has recorded appreciation against the United States Dollar at the Investors and Exporters (I&E), the Peer-2-Peer (P2P), and the black market segments of the foreign exchange market.

In the I&E market, which caters to largely regulated export activities, the value of the local currency improved against the greenback yesterday by 17 Kobo or 0.04 per cent to N461.50/$1 compared with Monday’s rate of N461.67/$1.

This came as the daily turnover of FX transactions at the market window increased by 149.6 per cent or $70.50 million to $117.63 million from the $47.13 million published a day earlier.

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Also, the local currency strengthened against the American currency in the P2P segment of the forex market on Tuesday by N8 to close at N760/$1 versus N768/$1 of the previous session.

In the same vein, the domestic currency appreciated against the US Dollar during the session by N1 to sell at N741/$1 compared with the preceding session’s exchange rate of N742/$1.

However, in the interbank segment, the Naira lost against the Pound Sterling by 64 Kobo to trade at N549.03/£1 versus N548.39/£1 and against the Euro, it fell by N2.59 to close at N485.15/€1 versus N482.56/€1.