Naira Firms to N742/$1 at I&E, Weakens to N830/$1 at Parallel Market

The Nigerian Naira continued its strong-arming against the US Dollar in the Investors and Exporters (I&E) arm of the foreign exchange (forex) market on Tuesday, July 18, gaining 6.58 per cent or N52.35 to sell at N742.93/$1 compared with the preceding day’s N795.28/$1, according to data obtained from FMDQ Securities Exchange.

The Naira firmed up despite coming under a forex demand pressure as the value of transactions increased by 352.4 per cent or $121.74 million to $156.29 million from the $34.55 million recorded in the preceding session.

However, in the Peer-2-Peer (P2P) window, the exchange rate of the Naira to the Dollar worsened as it depreciated by N36 to trade at N842/$1, in contrast to Monday’s rate of N806/$1.

The continued volatility in the unregulated FX market segment went on in the black market yesterday as the local currency shed N10 against the American currency to settle at N830/$1 versus the previous day’s value of N820/$1.

But the domestic currency appreciated against the Pound Sterling in the spot market by N6.69 to sell at N1,011.07/£1 compared with Monday’s N1,017.76/£1 and gained N3.91 against the Euro to end the session at N868.18/€1 versus N/872.09€1.

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