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Naira regains some lost value

  • Business

There was relative ease for the Naira against the US Dollar across the various segments of the foreign exchange (FX) market on Thursday after going through a losing streak triggered by speculative demand.

Checks by Ripples Nigeria revealed that the value of the Naira improved against the United States Dollar at the Peer-to-Peer (P2P), Investors and Exporters (I&E), and the parallel market segments of the foreign exchange (forex) market.

At the I&E window where Naira is officially traded, the Naira increased marginally by 8 Kobo or 0.02 per cent gain against the dollar to close at N456.25/$1 compared with the previous rate of N456.33/$1.

According to data from FMDQ Securities Exchange this happened as the value of forex transactions dropped by 70.5 per cent or $266.11 million to $111.37 million from the preceding day’s $377.48 million.

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In the P2P forex window, the value of the Nigerian currency rose against the US Dollar yesterday by N15 to quote at N763/$1 compared with Wednesday’s rate of N778/$1.

In the parallel market, the exchange rate of the Naira to the American Dollar was strengthened by N2 as it closed at N744/$1, in contrast to the midweek session’s value of N746/$1.

In the interbank segment, the Naira witnessed no movement against both the Pound Sterling and the Euro as the exchange rate remained intact at N541.25/£1 and N474.40/€1, respectively