Naira Gains on Dollars at NAFEX, Others at Black Market

The Naira gained a value of N73.39 to close the Tuesday session at N1,561.76/$1 at the official window, pulling a 4.5 percent gain in the Nigerian Autonomous Foreign Exchange Market (NAFEX).

According to data obtained from the FMDQ Securities Exchange, this is compared to N1,635.15/$1 published in the preceding session on Monday.

Turnover published on the FMDQ Group website stood at $253.68 million, indicating that the session’s turnover rose by 100.9 percent. This is a decrease of $127.44 million compared to $126.24 million published the previous day.

The domestic currency also witnessed a gain against the British currency but closed flat on the Euro on Tuesday.

On the Pound Sterling, the local currency made an appreciation of N43.82 to wrap the session at N2,131.62/£1 from N2,175.44/£1 that it sold at the previous session.

Meanwhile, against the Euro, the Nigerian currency closed at N1,788.98/€1.

Data from the black market showed that the Naira appreciated against the US Dollar, the UK Pound Sterling, the Euro, and the Canadian Dollar.

The local currency recorded a N14.28 gain to go from N1,681.67 per Dollar to N1,667.39/$1 while on the UK currency, the Naira rose to N2,132.13, a N24.10 gain from N2,156.23

For the Euro, the Naira pulled a N19.12 appreciation to close at N1,833.63 versus N1,852.75 and added 62 cents on the Canadian Dollar to close at N1,206.93 against Monday’s N1,207.55 per CAD.