Naira records gain after two days of losses

After two consecutive days of losses, the Naira recorded a gain against the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Tuesday.

FMDQ securities reports that Naira appreciated by 5 kobo or 0.01 per cent to close at N416.33/$1 on Tuesday compared with N416.38/$1 of the preceding session.

This happened as the participants at the market traded $95.52 million deals which was 30.2 per cent or $41.38 million lower than the $136.9 million achieved on Monday.

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At the interbank market, the domestic currency continued its depreciation against the American currency at the interbank segment of the market, losing 18 kobo yesterday to trade at N415.62/$1 in contrast to the previous day’s value of N415.64/$1.

But the Nigerian currency appreciated against the Pound Sterling at the same market segment on Tuesday by N1.83 to trade at N558.86/£1 compared with Monday’s N560.69/£1 and against the Euro, the Naira gained N1.29 to sell for N468.71/€1 compared to N470/€1 of the preceding session.

At the black market, Naira to dollar exchange dropped to N575/$1.