Nigeria: Naira Strengthens At I&E Window, Closes At N791.42

26 July 2023
Premium Times (Abuja)
By Abdulkareem Mojeed

The naira gains marginally on the spot market on Tuesday, closing at N791.42 to a dollar.

The Naira appreciated slightly against the United States dollar on the Investors and Exporters (I&E) on Tuesday, a day after the local currency recorded a sharp fall on the spot market.

According to data posted on the FMDQ website where forex is officially traded on Tuesday, the naira closed at N791.42 to a dollar at the official market.

Tuesday gain represents a N0.62 or 0.08 per cent appreciation from N792.04 the domestic unit traded on Monday.

Forex turnover within the segment also increased marginally by 4.2 per cent, data posted showed. The forex supplied climbed from $49.46 million recorded on Monday to $51.55 million at the close of business on Tuesday.

The naira opened trading on Tuesday at N779.50, but traded within an intraday high of N730.00 and dropped to a low of N845.00 within the business window before it eventually settled at N791.42 per $1.

However, the currency depreciated further at the black market, information gathered from traders showed.

At the parallel market segment on Tuesday, the dollar traded within the range of N855.00 and N860.00 to a dollar in Uyo as against N850.00 it traded on Monday.

In Abuja, currency traders said the naira was exchanged at N860.00/$1 on Tuesday, as against N863.00 to a dollar on Monday.

Read the original article on Premium Times.

Tagged:
Copyright © 2023 Premium Times. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.