Naira stable against US Dollar, Euro, others at official market

Nigerian currency put up a good performance on Tuesday, strengthening against the US dollar, Euro and British Pounds at the Investors and Exporters (I&E) window of the FX market.

FMDQ data showed Naira increased its value against the US currency by 0.09 per cent or 38 kobo to sell at N416.62/$1 in contrast to N417.00/$1.

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This happened as the market recorded a sufficient supply of forex to meet the demands of customers.

On Tuesday, banks, investors, and exporters transacted a total of $144.29 million.

The Naira also recorded a good performance against the British Pound Sterling improving by 69 kobo to close at N541.56/£1 compared to the previously traded rate of N542.25/£1.

In the same vein, the Naira appreciated yesterday by N1.8 against the Euro to close at N451.86/€1 in contrast to the previous day’s value of N453.66/€1.

Meanwhile at the Black market traders sustained the Naira exchange rate at N586/$1.