Naira recovers some of its lost value against US dollar

The Nigerian Naira has recorded slight improvement in its value against the US dollar, after experiencing a decline over the past few days.

Checks showed that the Naira appreciated against the Dollar on Tuesday at the Peer-2-Peer (P2P), the Investors and Exporters (I&E), and the black market windows of the foreign exchange (forex) market.

In the parallel market, the Nigerian Naira gained N1 against the US Dollar during the session to settle at N745/$1 compared with Monday’s exchange rate of N746/$1.

Similarly, in the P2P segment, the local currency was fortified against the greenback by N1 to close at N753/$1, in contrast to the previous session’s value of N754/$1.

Similarly, the domestic currency was strengthened against its American counterpart in the I&E window or the spot market by 25 Kobo or 0.05 percent to trade at N461.42/$1 versus Monday’s N461.67/$1.

Naira strong showing at the official market was despite huge FX demand pressure.

FMDQ Securities Exchange data showed that market turnover surged by 46.11 percent or $35.80 million to $113.44 million from $77.64 million.

However, the local currency depreciated against the Pound Sterling in the interbank segment yesterday by N4.18 to close at N561.67/£1 versus Monday’s N557.49/£1.

Naira also lost N2.06 of its value against the Euro to settle at N494.65/€1 compared with the preceding day’s N492.59/€1.