Value of the Naira at the Financial Market

The greenback has improved slightly in the financial market as the Central Bank of Nigeria continues to pump money into the economy.

The naira, yesterday, appreciated to N362.5 per dollar in the Investors & Exporters (I&E) window due to improved dollar supply.

 

Data from Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the window, known as Nigeria Autonomous Foreign Exchange (NAFEX), dropped to N362.5 per dollar, yesterday, from N366.5 per dollar, last week, translating to N4 appreciation for the naira.

 

The naira has appreciated for two consecutive weeks, gaining N2.28 kobo against the dollar, buoyed by improved dollar supply into the market.

According to FMDQ, $117.36 million was traded in the window yesterday, while, $611.6 million was traded last week.

 

The naira, however, depreciated by N1 at the parallel market, yesterday, as the exchange rate for the market rose to N368 per dollar at the close of business.