Naira recovers some of its lost value against US dollar –

The Nigerian naira edged up against the dollar after falling over the past few days.

The naira strengthened against the U.S. dollar on Tuesday at black market windows in the peer-to-peer (P2P), investor and exporter (I&E) and foreign exchange (forex) markets, checks showed.

In Parallel Market, Nigeria nara Compared with Monday’s N746/$1 rate, it gained N1 against the USD during the trading session to end at N745/$1.

Likewise, in the P2P space, the local currency rose N1 against the US dollar to end at N753/$1, in stark contrast to N754/$1 in the previous session.

Likewise, at the I&E window or spot market, the local currency was up 25 Kobo or 0.05% against the dollar, trading at N461.42/$1 compared to N461.67/$1 on Monday.

Also read:Naira weakens across all forex markets

The naira is strong in the official market despite huge foreign exchange demand pressure.

Market turnover soared 46.11 percent or $35.8 million to $113.44 million from $77.64 million, FMDQ stock exchange data showed.

However, the local currency depreciated by N4.18 against the pound on the interbank segment yesterday to settle at N561.67/£1 compared to Monday’s N557.49/£1.

The naira also weakened by N2.06 against the euro to settle at N494.65/€1 compared to N492.59/€1 the previous day.

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