Naira Appreciates Slightly Against the US Dollar on I&E FX Window

1 Dollar to Naira Rate Improves Slightly on the I&E FX Window

The Nigerian Naira improved slightly against the US dollar on the Investors and Exporters Forex window on Tuesday.

According to the FMDQ Group published data, 1 dollar to naira rate improved slightly from N387.33 it traded on Monday to N387.08 on Tuesday.

The Naira opened the day as strong as N386.96 against the greenback before falling to N390.29 during the trading day and finally pulling back to N387.08 following an increase in the volume traded.

A total turnover of $31.81 million was recorded on Tuesday at the Investors and Exporters Forex Window, up from the $14.66 million recorded on Monday and far lower than the $112 million traded on Friday.

On the parallel market, the local currency remained unchanged at N448 to a US dollar.

Similarly, the Naira traded at N545 against the British pound on Tuesday, the same rate it was exchanged on Monday. Against the Euro single currency, the Naira remained flat at N480, still lower than the N472 it was exchanged on Monday.

The Central Bank of Nigeria’s official exchanged rate remained at N361 to a US dollar.