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Naira records mixed performance at forex markets

On Tuesday, the Naira closed the market with a mixed performance against the US dollar at the foreign exchange (forex) markets, IgbereTV reports

While it strengthened against the dollar at the Peer-to-Peer (P2P) and the black market, the value of the naira dropped further at I&E window, the official exchange market.

Data from FMDQ Securities Exchange showed that participants at the I&E segment paid N445.30 to buy one dollar.

This is 60 Kobo or 0.13 per cent more when compared to N444.70/$1 on Monday.

 

Naira value dropped at the official market due to an increase in demand for FX by 44.6 per cent or $33.42 million to $108.32 million from $74.90 million recorded on Monday.

But at the P2P window, the Naira’s value increased by N1 to settle at N784/$1 on Tuesday compared to the N785/$1 it sold on Monday.

Also, at the parallel market, the Nigerian currency gained N7 against the US Dollar during the session to quote at N768/$1 compared with the previous day’s rate of N775/$1.

Against other foreign currencies, the Cbn data showed Naira depreciated against the Euro on Tuesday by N3.14 to trade at N465.11/€1 compared with the previous day’s N461.97/€1.

While against the Pound Sterling, it gained 9 Kobo to close N537.13/£1 compared with Monday’s N537.24/£1

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