Naira appreciates at official, black markets

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The Nigerian Naira has appreciated against the US dollar at both the official and black market, following the resumption of trading after the Easter holiday.

At the official market, data from FMDQ securities revealed that after trading at the I&E window, naira appreciated by 37 Kobo or 0.08 per cent to trade at N462.88/$1 versus last Thursday’s value of N463.25/$1.

This is despite a 20.3 per cent or $20.55 million shortfall in the value of forex transactions in the FX market window to $80.90 million from $101.45 million.

READ ALSO:Naira appreciates against US dollar across FX markets ahead of Easter break

Similary, the Naira gained N2 or 0.27 per cent against the dollar at the black market on Tuesday to quote at N736/$1, in contrast to the preceding session’s exchange rate of N738/$1.

It was the same positive trade at the Peer to Peer exchange market as was exchanged against the dollar at at N742/$1 compared with the preceding session’s rate of N748/$1, indicating an appreciation of N6 or 0.80 per cent.

In the same vein, in the interbank segment, the domestic currency depreciated against the Pound Sterling yesterday by N23.93 to trade at N573.03/£1, in contrast to the previous session’s N551.10/£1, and against the Euro, it lost N13.14 to quote at N502.11/€1 versus last Thursday’s N488.97/€1.

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