Naira records mixed results at official, black market

Nigerian currency recorded a mixed trading day on Tuesday against the US Dollar and other currencies in the official and unofficial foreign exchange market.

At the official market, data shows that naira to dollar exchange rate at the Investors and Exporters (I&E) segment recorded a positive trading day gaining 17 Kobo or 0.04% against the US Dollar to close at N461.33/$1, compared to the previous rate of N461.50/$1.

This increase in the Naira’s value occurred in the midst of a slight uptick in demand for foreign exchange in the official market.

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The day’s FX turnover was $48.28 million, representing a 19.8% or $8.00 million increase from the previous day’s total of $40.28 million.

A similar trend was observed in the parallel market, with the exchange rate settling at N767/$1 compared to N770/$1 the day before.

However, at the Peer-to-Peer (P2P) arm of the market, the Naira depreciated against the US Dollar, with the exchange rate rising to N769/$1 compared to N768/$1 the previous day.

The naira also experienced significant losses against the Pound Sterling and the Euro in the interbank window of the FX market.

The Naira weakened by N7.71 against the British currency, closing at N557.82/£1 as compared to the previous rate of N550.11/£1.

Similarly, the Naira lost N1.40 against the Euro to sell at N491.07/€1, as compared to Monday’s closing rate of N489.67/€1.