The Naira appreciated against the United States dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) on Wednesday, as it traded at N420/$1.
Naira Appreciates to N420/$1 at the Official Market
The trading session indicated a growth of 0.18 per cent or 75 kobo as against the previous session which transacted at N420.75/$1.
The strengthening of the local currency coincided with a little increase in turnover of $9.54 million, or 8.3%, to $124.62 million, up from $115.08 million the day before.
The native currency, however, declined against the US Dollar by N1 or 0.2 percent in the Peer-to-Peer (P2P) segment of the market, selling for N616/$1 compared to N615/$1 on Tuesday.
However, the local currency closed flat versus the Pound Sterling and the Euro at N502.44/£1 and N434.59/€1, respectively, at the interbank window.
The parallel market’s exchange rate remained unchanged, closing at N607/$1, the same as the previous trading session. According to BDC operators, this is the case.
Nigeria’s external reserves increased by 0.18 percent on Tuesday, June 14th, 2022, to $38.62 billion, up from $38.55 billion the day before. The nation’s external debt had been falling due to the Central Bank’s constant involvement in the foreign exchange market to maintain the local currency’s stability.
Cami Ezenwa is a writer, editor and concepts developer. He has worked with the Daily Times, Daily Independent, Financial Standard and Business Television, to mention a few.
Committed to grooming the next generation of impactful writers, he is an apostle of free flowing prose.