Naira gains slightly against Dollar at official market

Despite the biting dollar crunch, Nigeria’s Naira gained 0.10 per cent against the US Dollar to close at N436.04 compared with the N436.50/$1 it was trading at the spot market on Monday.

Naira appreciation comes as the dollar supply to the Investors and Exporters (I&E) segment of the foreign exchange (forex) market dropped by 16%.

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.