Naira Appreciates to N420/$1 at the Official Forex Market

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.

• Naira Appreciates by 0.12% Against US Dollar 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.