Naira Bounces Back, Appreciates by 4.5% Against Dollar
Naira value at the official market appreciated against the US dollar 24 hours after Presidential Election Petition Court (PEPT) judgment affirmed President Bola Tinubu won the 2023 general election.
On the day of the Tribunal judgment, the value of the naira depreciated to N771.59/$ as uncertainty hovers around the expected decision.
The foreign exchange (forex) market on Thursday, September 7, 2023, got a breather following the conclusion of a tribunal…………………………..CONTINUE READING
Data from FMDQ Securities shows that on Thursday, in the Investors and Exporters (I&E) window, which is the official forex market, the Nigerian currency gained 4.5 percent or N34.97, closing at N736.62/$1. This is in contrast to Wednesday’s exchange rate of N771.59/$1.
However, it was a different story at the parallel market on Thursday, as the Naira lost N4 of its value to exchange at N929/$1 compared with the previous day’s rate of N925/$1.
Similarly, in the Peer-to-Peer (P2P) segments, mostly used by crypto traders, Nigerian currency depreciated against the dollar by N7 to sell at N933/$1 versus the previous day’s N926/$1.
Meanwhile, the data from the Central Bank of Nigeria shows the naira exchange rate against the British Pound Sterling and the Euro on Thursday is at N986.79/£1 and N842.48/€1 respectively…………………………..CONTINUE READING
