Nigerian currency kicked off the month of July with a marginal gain, but pressure from forex scarcity and the Joe Biden administration interest hike provided a bleak future, IgbereTV reports
On Friday, July 1 data from FMDQ securities showed that at the Investors and Exporters window, the official foreign exchange market, the Naira appreciated by a marginal 5 kobo or 0.01 per cent to N425.00/$1 from the previous day’s N425.05/$1.
This happened as there was an ease in pressure-demand which resulted to a total value of transactions at $78.86 million just 2.9 per cent or $2.22 million higher than the $76.64 million reported on Thursday.
Also, at the interbank segment, the local currency strengthened against the Pound Sterling by N5.26 to N500.65/£1 from N505.91/£1 and against the Euro, it gained N3.56 to sell at N434.03/€1 compared with Thursday’s rate of N437.59/€1.
It was the same outcome at the parallel market on Friday, as the Naira gained N5 or 0.82 per cent on the greenback to trade at N607/$1 compared with the previous day’s rate of N612/$1
