Naira reverses gain to close at N419/$1 at official market

By: Godwin Offor / May 6, 2022 / 685

Nigeria’s currency on Thursday reversed the gains made on resumption from public holiday as the naira/dollar exchange rate closed at N419.

This represents a 0.23 percent drop in value compared to N418 it closed on Wednesday at the investors and exporters window.

The Naira depreciation was due to increased demand for dollars which saw participants at the FMDQ securities market where Naira is official trading pricing the dollar as high as N444.

This happened as forex supply to the market dropped to $108.24 million from 162.70 million that was traded on Wednesday.

Read also: Naira resumes trading, appreciates against the Dollar, Euro, Pounds

Similarly, the Nigerian currency performed poorly to the Euro as it depreciated to N439.21/€1 from Wednesday’s rate of N437.85/€1.

However it was a different story for Naira against the British pounds as it closed stronger at the official FX window at N515.9/£1 against the N519.98 /£1 it exchanged yesterday.

At the black market, the Naira exchange rate remained at N594.

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About Godwin Offor 5840 Articles
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