Naira remains stable at N463/$ at official market

In the last few days, the Nigerian currency has been trading against its US counterpart above N463, the lowest ever in history.

This trend continued on Wednesday, as data from FMDQ securities showed a closing rate of N463.75/$1 at the investors’ exporter window of the official foreign exchange market.

This represents a 45 Kobo or 0.1% depreciation when compared to the N463.30/$1 rate it closed on Tuesday.

Before the start of April 1, Naira exchanged against the US dollar around the N461 band at the official market.

The adjustment of rate was expected in the second quarter as CBN makes efforts to adopt a single exchange rate regime as advised by the World Bank and other international lenders.

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Meanwhile, the total value of FX transactions on Wednesday rose sharply increasing by 35.41 per cent or $19.58 million to $74.88 million from the $55.30 million achieved a day earlier.

Also, in the Peer-2-Peer (P2P) segment, the Naira depreciated against the American currency by N2 to settle at N752/$1 versus the previous day’s N750/$1.

Similarly, in the parallel market, the domestic currency lost N1 against the greenback to trade at N739/$1 versus Tuesday’s value of N739/$1

However, in the interbank segment, the Naira closed flat against the Pound Sterling and the Euro during the session to settle at N574.97/£1 and N502.11/€1, respectively.