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Dollar demand drops, Naira gains at official market

The Naira continued its good run against the US dollar at the official market on Thursday.

Data from FMDQ securities where naira is officially traded showed that in the Investors and Exporters (I&E) wing of the market, the Naira appreciated against the dollar by 7 Kobo or 0.02 per cent to trade at N461.10/$1, in contrast to the previous day’s value of N461.17/$1.

This happened as the value of FX transactions dropped by 27.5 per cent or $15.28 million to $40.24 million from the $55.52 million recorded on Wednesday.

However, at the Peer-to-Peer (P2P) window of the market yesterday it dropped by N3 to settle at N763/$1 compared with the previous day’s N760/$1.

Also, in the parallel market, the domestic currency depreciated against its American counterpart by N2 to quote at N751/$1 versus Wednesday’s exchange rate of N749/$1.

In the interbank segment, the local currency fell by N2.37 against the Pound Sterling to settle at N560.24/£1 compared with the previous day’s N557.87/£1 and lost 76 Kobo against the Euro to trade at N496.12/€1 compared with the N495.36/€1 it closed at the midweek session.