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Naira value rises by 0.74% against US dollar at official market

  • Business

Nigerian currency on Wednesday increased in value to the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market by 0.74 per cent or N3.17.

According to data obtained from FMDQ Securities Exchange, the official exchange market, Naira was sold for N424.58/$1 yesterday compared with the preceding session’s N427.75/$1,

This happened as forex supply to the market rise by $60.84 million, higher than the $48.67 million achieved in the preceding session, representing a $12.17 million or 25.0 per cent rise.

Read also: Naira starts week positive as black market traders take advantage of holidays

However, at the Peer-to-Peer (P2P) segment of the forex market yesterday, the Naira closed flat against the US Dollar at N623/$1 and in the black market, it depreciated by N1 to settle at N618/$1 in contrast to the previous day’s N617/$1.

In the interbank window, the value of the domestic currency against the British Pound Sterling remained unchanged at N498.83.65/£, and against the Euro, it also closed flat at N427.93/€1.

Source: Ripples Nigeria