Naira appreciates against the U.S dollar

On Thursday, the Nigerian currency gained against the US Dollar in the foreign currency (FX) market’s Investors and Exporters (I&E) window.

Data from FMDQ securities shows the domestic currency appreciated by 20 kobo or 0.05 percent against the greenback to close on Thursday, July 8 at N411.25/$1 compared with N411.45/$1 it finished on Wednesday.

Market participants during trading yesterday bid for The Naira at an intraday low of N420.86 and a high of N400.00 before closing at N411.25 on Thursday.

One of the factors that supported this gain was the decline in the demand for FX at the market window during the session.

Data shows the turnover for the day stood at $84.06 million, $176.45 million, or 67.7 percent lower than the $260.51 million recorded a day earlier.

At the black market, Data from Abokifx shows that Naira exchange rate to the dollar, Euro remained unchanged but gained against the British pounds.

Naira to U.S dollars closed at N503/$1 and Euro at N593/€1 but gained N2 against the Pound to finish at N708/£1 compared with the previous day’s N710/£1.