The Naira rose at the official market, the Nigerian Autonomous Foreign Exchange Market (NAFEM) as well as at the unofficial parallel market on Tuesday, giving a lifeline to the local currency which latched on to a weaker US Dollar in the global market.
The local currency gained 0.33 percent on the US Dollar at the official market to exchange at N1,671.32 /$1 on Tuesday, November 5 amid an improvement in supply at the official market.
The local currency rose on the American currency by N5.58 versus N1,676.90/$1 which it closed at the previous session on Monday.
Data showed a jump in supply as the turnover published on the FMDQ Group website stood at $218.77 million. This indicated that the session’s turnover fell by 175.3 percent, indicating an appreciation of $139.30 million compared to the $79.47 million published in the last trading session.
In the black market, the Naira added 52 Kobo against the greenback to close at N1,708.35 to the US Dollar compared to N1,708.87/$1 it closed on Monday.
Traders had adjusted their position, leading to a weaker position for the Dollar as voters went to the polls to choose the 47th president of the US.
There was a flat outcome for the Naira against the Pound Sterling but it depreciated against the Euro in the official market. The domestic currency closed on the British currency at N2,160.63/£1.
Meanwhile, against the Euro, the Nigerian currency closed at N1,819.86/€1 versus N1,816.40/€1, indicating an N3.46 depreciation.
The Naira gained against the British currency in the black market as it added by 93 Kobo to sell at N2,216.46/£1 compared with the preceding session’s N2,217.39/£1.
However, it followed a different pattern against the Euro as it depreciated N1.65 to quote at N1,864.57/€1 versus the previous day’s rate of N1,862.98/€1 and it extended losses against the Canadian Dollar as it depreciated further by N2.29 to close at N1,224.62 per Canadian Dollar, compared to Monday’s N1,222.33 per CAD.
