Naira Gains 0.09 Percent Against the United States Dollar on Friday

Nigerian Naira opened at N414.13 to a United States Dollar at the official foreign exchange window managed by the FMDQ Group.

The local currency closed at N415.10 to a U.S Dollar on Thursday but gained 0.09 percent on opening on Friday. At the spot fx market, Naira plunged to as low as N444 against the US Dollar on Thursday before paring losses to N415.10.

Investors traded $129.54 million during the trading hours of Thursday at the Official forex window.

However, the Central Bank of Nigeria’s forex rates is as shown in the table below.

At the Bureau de Change section, the Naira traded at over N560 to a United States Dollar on Thursday as forex scarcity persisted across key segments.

Meanwhile, the Central Bank of Nigeria spent N58.618 billion to print 2.518 billion Naira notes valued at N1. 063 trillion in 2020, the apex bank disclosed in its 2020 currency report released on its website.

“The total cost incurred on printing of banknotes in 2020 amounted to N58,618.50 million, compared with N75,523.50 million in 2019, indicating a decrease of ₦16,905.00 million or 28.84 percent,” the report reads.